Tethys Petroleum Limited

Tethys Petroleum Limited

February 12, 2010 09:32 ET

Tethys Announces CDN$46.5million Private Placement

TORONTO, CANADA--(Marketwire - Feb. 12, 2010) -


Tethys Petroleum Limited ("Tethys" or the "Company")(TSX:TPL) today announced that it will complete a private placement of 30,000,000 Ordinary Shares for gross proceeds of CDN$46.5 million (the "Offering"), subject to regulatory approval. The Company has received order confirmations for the CDN$46.5 million maximum amount of the Offering

The Ordinary Shares have been placed at a price of C$1.55 each. The Ordinary Shares of the Company are listed on the Toronto Stock Exchange under the symbol "TPL" and the placement is subject to approval by the Toronto Stock Exchange. The net proceeds of the Offering will be used by Tethys for project development and capital expenditures. The private placement is scheduled for completion on or before March 3, 2010.

One of the subscribers is a related party of the Company within the meaning of applicable Canadian securities laws. The proposed date for completion of the private placement is less than 21 days from the date of this release to ensure the availability of the proceeds to the Company on a timely basis. Additional information relating to the interest of the related party in the private placement will be contained in a material change report to be filed in accordance with Canadian securities law.

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. 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 risks relating to regulatory approvals, transaction settlement and of sufficiency of the proceeds for the purposes contemplated. 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 Annual Information Form dated March 31, 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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