Askar Yessenov Acquires Ordinary Shares and Warrants of Tethys Petroleum

TORONTO, ONTARIO--(Marketwired - June 19, 2017) - Askar Yessenov ("Yessenov"), through Global Invest Service Capital ("Global Invest"), acquired beneficial ownership and control of an aggregate of 43,951,698 ordinary shares ("Ordinary Shares") in the capital of Tethys Petroleum Limited (the "Corporation") and 96,150,000 Ordinary Share purchase warrants ("Warrants") from Prax PTE Ltd. pursuant to a share and warrant purchase agreement, for an aggregate purchase price of US$700,001.11. Each Warrant entitles Yessenov, through Global Invest, to acquire one additional Ordinary Share at a price of US$0.031 per Ordinary Share at any time until November 28, 2019. The Ordinary Shares acquired by Yessenov, through Global Invest, represent approximately 8.6% of the Corporation's current issued and outstanding Ordinary Shares and the Warrants acquired represent 50% of the issued and outstanding Warrants of this particular class of warrants. On a partially-diluted basis, assuming the exercise of all Warrants held by Yessenov, through Global Invest, but no exercise of any securities convertible into or exchangeable for Ordinary Shares of the Corporation by any other party, Yessenov, through Global Invest, would have ownership and control over 140,101,698 Ordinary Shares of the Corporation, representing approximately 23.2% of the then issued and outstanding Ordinary Shares.

The acquisition of Ordinary Shares and Warrants by Yessenov, through Global Invest, was made for investment purposes. Yessenov, through Global Invest, may from time to time dispose of, or acquire, additional securities of the Corporation as circumstances warrant.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may be obtained upon request from Borden Ladner Gervais LLP, Bay Adelaide Centre, East Tower, Toronto, ON M5H 4E3.