Tethys Petroleum Limited

Tethys Petroleum Limited

June 12, 2009 15:20 ET

Tethys Petroleum Files Final Prospectus

TORONTO, ONTARIO--(Marketwire - June 12, 2009) -


Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced that it has filed a final short form prospectus in certain provinces of Canada for a new issue (the "Offering") of a minimum 20,672,000 ordinary shares and a maximum of 51,680,000 shares at a price of US$0.387 (C$0.425) per share, for minimum gross proceeds of US$8 million and maximum gross proceeds of US$20 million to Tethys.

The net proceeds of the Offering will be used by Tethys for project development and capital expenditures. Fraser Mackenzie Limited, Renaissance Capital and Quam Capital act as co-lead managers for the Offering. The Offering will be conducted in Canada through Fraser Mackenzie Limited, and Renaissance Capital and Quam Capital will act as special selling agents for the purpose of procuring subscribers in certain jurisdictions outside of Canada, where each such special selling agent is qualified to carry on business. Completion of the settlement for the Offering is expected to occur on or about June 19, 2009.

The Offering is subject to all customary conditions and regulatory approvals.

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. Any such solicitation or offer may only be made in accordance with applicable laws. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the risk that the Company will be unable to successfully complete the offering and the risk that the proceeds may not be sufficient for the purposes stated in the prospectus and the risk that all regulatory approvals will be obtained and conditions satisfied. See the description of risks and uncertainties and underlying factors and assumptions relevant to the offering and "forward looking information" contained herein and to the Company's business, including its exploration and development activities, contained in the prospectus dated June 12, 2009 (which are incorporated herein by reference). The "forward looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

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