UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): November 17, 2003
TETON PETROLEUM COPMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 001-31679 84-1482290
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(STATE OF (COMMISSION FILE (IRS EMPLOYER
INCORPORATION) NUMBER) IDENTIFICATION NO.)
1600 Broadway, Suite 2400, Denver, CO 80202-4921
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(303) 542-1878
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 14, 2003, Teton Petroleum Company announced its results for
the third quarter ended September 30, 2003. The press release for the these
results is attached hereto as exhibit 99.1.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS.
(c) Exhibits
99.1 Press release dated November 14, 2003 for the quarter ended
September 30, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TETON PETROLEUM COMNPANY
By: /s/ Karl Arleth
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Name: Karl Arleth
Title: President
Date: November 17, 2003
Exhibit 99.1
FOR IMMEDIATE RELEASE
Teton Petroleum Company Teton Petroleum Company
1600 Broadway, Suite 2400
Denver, CO 80202-4921
www.tetonpetroleum.com
Teton Petroleum Releases Third Quarter Results
Denver, USA (November 14, 2003) -- Teton Petroleum Company ("Teton") [AMEX:
TPE], an independent oil and gas exploration and production company that
operates in Russia, is pleased to announce its financial results for the quarter
ended September 30, 2003. Revenue for the three-month period ending September
30, 2003 was $2.7 million, a 23% increase over the $2.2 million reported in the
corresponding period in 2002. For the nine months ended September 30, 2003,
revenue was $9.1 million compared to $4.3 million for the prior year, an
increase of 111%.
John Mahar, CFO, commented, "We continue to be pleased with our production and
revenue trends. We achieved record sales of 165,111 barrels, while our revenue
for the first nine months this year exceeded our revenue for all of 2002 by
32%."
Mahar highlighted the following achievements in the third quarter:
o Revenue rose to $2,718,066 from $2,204,613 in the third quarter of
2002, a 23% increase.
o The net loss narrowed to $1,477,534, or ($0.22) per share, from
$2,216,169 or ($0.78) per share, in the third quarter of 2002, a 33%
percent decrease.
o Sales of oil net to Teton increased to 165,111 barrels from 137,500
barrels in the third quarter of 2002, a 20% increase.
For the first nine months of 2003:
o Revenue rose to $9,105,338 from $4,305,274 for the 9 month of 2002, a
111% increase. Total revenue for all of 2002 was $6,923,320.
o Teton's net loss was $3,140,679, or ($0.48) per share, versus
$7,927,782 or ($3.17) per share, in the nine months of 2002, a 60%
decrease.
o Sales of oil net to Teton increased to 480,688 barrels from 290,725
barrels in the first nine months of 2002, a 165% increase.
Teton ended the third quarter with approximately $2 million in cash. In
addition, the series A convertible preferred share offering, which closed in the
fourth quarter, raised Teton approximately $9.8 million. "The Company is in the
strongest financial position in its six-year history and in its best position
ever to take advantage of the acquisition opportunities it sees in the Russian
oil industry," stated Karl F. Arleth, President and CEO.
About Teton Petroleum Company:
Denver-based Teton Petroleum Company [AMEX: TPE] is the only publicly traded
U.S. oil and gas exploration and production company with all of its producing
assets in Russia. The company is currently developing three oil fields at its
Goloil license in Western Siberia. The company has been producing and exporting
oil out of Russia since 1998.
This news release may contain certain forward-looking statements, including
declarations regarding Teton and its subsidiary's expectations, intentions,
strategies and beliefs regarding the future. All statements contained herein are
based upon information available to Teton's management as at the date hereof and
actual results may vary based upon future events, both within and without the
control of the Teton's management.
For more information, contact: Chuck Nelson, Investor Relations (North America),
MRB Investor Relations LLC., (212) 495-0200 ext. 15, cnelson@mrb-ir.com; Gillian
Kane, Corporate Services, Teton Petroleum Company, (970) 870-1417,
Gillian@tetonpetroleum.com; Tracy Weslosky, Media Relations (North America),
Pro-Edge Consultants Inc., (416) 581-1717, tracy@pro-edge.com; Bevo Beaven,
Denver Public Relations, CTA Public Relations, (303) 665-4200, bevo@ctapr.com;
Gary Middleton, Media Relations (Europe), Capital Integrated Marketing
Communication Ltd., 44 207 902 0703 gary@capitalww.com; Alexander Goldin, Media
Relations (Russia), Ansdell Associates, (7095) 970 1699, agoldin@ansdell.ru