17 December 2002 17:27
Teton Petroleum Company retains Renmark Financial Communications as its Investor Relations Service Company
STEAMBOAT SPRINGS, Colo., Dec. 17 /CNW Telbec/ - Teton Petroleum Company (OTC Bulletin Board: TTPT; Frankfurt: TP9)
announced that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations.
"We are pleased to announce that we have selected Renmark to strengthen Teton Petroleum's profile amongst the
financial community. We believe that, thanks to its well tried investor relations strategies and methodology, Renmark
will enhance the Company's visibility," declared Howard Cooper, President of Teton Petroleum Company. ABOUT
TETON PETROLEUM COMPANY Teton Petroleum is an independent oil and gas exploration and production company, with its
principal operations in Russia. Based on current production and the current drilling program, Teton will have sales
revenue of more than $12 million in 2003. The increased revenues are direct results of Teton doubling the amount of oil
it exports from Russia to Western Europe (see press release: http://www.cnw.ca/releases/December2002/05/c0119.html).
Furthermore, On December 3th, 2002, the Company announced that it raised $2,500,000 from a private placement of its
common shares. The investment in Teton was led by Global Undervalued Securities Master Fund LP, of Fort Worth, TX, and
also included several other institutional investment sources, including the Arlington Group PLC, and Lion Resource
Management, based in London, England. In addition, the Company converted $4.4 million in convertible debentures, which
now makes Teton debt free (see press release: http://www.cnw.ca/releases/December2002/03/c9092.html). "The recent
private placement in Teton provides working capital, which will be used to drill more wells in 2003 and increase its
production in Russia. The increased production will enable the company to increase its sales revenue substantially from
the additional oil produced," said Tom Conroy, CFO of Teton. The current amount of shares outstanding, including
the conversion of debentures and the private placement are 58.55 million shares. Additional information about Teton is
available at its web site, www.tetonpetroleum.com .
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=71818 /For further
information: Howard Cooper, President, Teton Petroleum Company, (970) 870-1417, Fax: (970) 870-1416,
hcooper(at)tetonpetroleum.com, www.tetonpetroleum.com; Renmark Financial Communications Inc. : Sylvain Archambault:
sarchambault(at)renmarkfinancial.com; John Boidman: jboidman(at)renmarkfinancial.com; Media : Dominic Sicotte:
dsicotte(at)renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com/ (TTPT)
[CAIW [Corporate Announcements Intelligence Wire]] |
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