Tethys Petroleum Limited
TSX : TPL

Tethys Petroleum Limited

April 29, 2008 14:01 ET

Tethys Petroleum Announces Filing of Prospectus for Proposed Equity Offering of up to US$75 Million

TORONTO, ONTARIO--(Marketwire - April 29, 2008) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR D DISSEMINATION IN THE UNITED STATES

Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) announced today that it has filed a preliminary short form prospectus for a new issue of ordinary shares in a number of Canadian provinces. The offering will be for a minimum of US$20 million and a maximum of US$75 million. The net proceeds of the offering are intended to be used by Tethys to accelerate work on its existing properties in Kazakhstan and Tajikistan, possible acquisitions, working capital and general purposes. The issue price of the shares will be determined in the context of the market at the time of filing a final short form prospectus in respect of the offering.

The offering will be conducted in Canada through Jennings Capital. In addition, Quam Capital Ltd. (Hong Kong) and Astana Finance (Kazakhstan) will be designated 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. Tethys will grant an over- allotment option to the agents, exercisable for a period of 30 days following the closing of the offering.

The offering is subject to all customary conditions and regulatory approvals, including that of the Toronto Stock Exchange.

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republic of Kazakhstan and more recently the Republic of Tajikistan. 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 news 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 and the outcome of our proposed financing. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions including the fact that there is no certainty that our proposed financing will be completed.

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".

Contact Information

  • Tethys Petroleum Limited
    Sabin Rossi
    Vice President Investor Relations
    (416) 572-2065 or Cell: (617) 669-1841
    (416) 572-2201 (FAX)
    Email: info@tethys.gg
    Website: www.tethyspetroleum.com
    or
    In Kazakhstan
    PG Communications
    Ardak Akanov, Managing Director
    Office phone/fax: 2 72 88 67, 2 72 82 37, 2 72 77 45
    Cell: +77017115604
    Email: development@pressclub.kz