Tethys Petroleum Limited
TSX : TPL

Tethys Petroleum Limited

November 14, 2007 12:08 ET

Tethys Q3 Results

GUERNSEY, CHANNEL ISLANDS--(Marketwire - Nov. 14, 2007) - Tethys Petroleum Limited (TSX:TPL) ("TPL" or "Tethys") is pleased to announce 3rd Quarter 2007 Financial and Operational Results.

FINANCIAL AND OPERATING HIGHLIGHTS (US$ except where noted)

The following table provides a summary of TPL's financial and operating results for the three and nine month periods ended September 30, 2007 and 2006. Consolidated Financial Statements with Managements Discussions and Analysis (MD&A) will be available on the firms website www.tethyspetroleum.com and will also be available on the SEDAR website at www.sedar.com.



The three months ended September 30, 2007 compared to the three months
ended September 30, 2006

3 months ended September 30
2007 2006 %
change

Financials (US$000's)
Net Loss -2,969 -3,160 6
Capital expenditure 3,845 2,531 51
Total Assets 85,749 18,760 357
Cash and working capital
surplus/(deficit) 37,161 -11,115 434

The nine months ended September 30, 2007 compared to the nine months
ended September 30, 2006

9 months ended September 30
2007 2006 %
change

Financials (US$000's)
Net Loss -25,407 -3,785 571
Capital expenditure 26,360 7,860 235
Total Assets 85,749 18,760 357
Cash and working capital
surplus/(deficit) 37,161 -11,115 434


Highlights;

- No revenue was realized as of September 30th, 2007 as was the case in 2006.

- A net loss of US$ 2,969,000 recorded in the quarter to September 30, 2007 compared to a loss of US$3,160,000 for the same period of 2006.

- The influx of funds from the IPO resulted in a Cash and working capital assets surplus at September 30, 2007 of US$ 37,161,000 compared to a deficit of US$11,115,000 at the same point in 2006 when the Company was being funded by a loan from its then parent CanArgo Energy Corporation.

- Capital expenditure totaled US$3,845,000 in the three months to September 30, 2007 compared to US$2,531,000 in the same period of 2006. In addition at September 30, 2007 the Company had made prepayments of US$6,245,000 on further capital expenditure compared to prepayments of US$1,846,000 at September 30, 2006.

- The Company benefited from the funds raised in the initial public offering ("IPO") to the tune of approximately US$ 500,000 in interest earned on these funds.

- An operational update was provided last week.

Tethys Petroleum Limited is registered in Guernsey, Channel Islands with registered number 41075 and is listed on the Toronto Stock Exchange (TSX) with the symbol "TPL".

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