Tethys Petroleum Limited
TSX : TPL
LSE : TPL

Tethys Petroleum Limited

July 23, 2015 02:00 ET

Tethys Petroleum Limited: Directorate Changes

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - July 23, 2015) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US NEWSWIRE SERVICES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF SUCH JURISDICTIONS. THE OFFERS AND SALES OF SECURITIES REFERRED TO BELOW HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH REGISTRATION.

Tethys Petroleum Limited ("Tethys" or the "Company" (TSX:TPL)(LSE:TPL)) is pleased to announce that it has agreed to appoint Bill Wells to the Board as a Non-Executive Director subject to and upon closing of the recently announced US$47.7million financing.

William P. Wells, 56, is President at Pope Asset Management, LLC, which is a 19.0%(1) shareholder in the Company. Pope has committed to subscribe for a further 100,000,000 new ordinary shares as part of the previously announced US$47.7 million financing, which upon closing will take Pope's shareholding to approximately 26.6%(2). Mr Wells' appointment to the Board is also subject to obtaining the necessary clearances from the TSX.

(1) Based on 64,013,897 shares held by all Pope Asset Management nominee accounts and current total Tethys shares outstanding on issue of 336,775,850
(2) Reflects holding by all Pope Asset Management nominee accounts including Annuity and Life Reassurance Limited. Assuming conversion of the convertible debenture issued to AGR Energy Number 1. Limited in May 2015 and the warrants and convertible debentures issued to Annuity and Life Reinsurance Limited in March 2015 and June 2015 respectively.

Bill Wells is the founder and primary portfolio manager for Pope Asset Management. He had previously worked in the Private Wealth Management division of Goldman Sachs, where he was a vice-president working primarily with family groups throughout the southeastern United States. Bill had been at Goldman Sachs since his graduation from the Amos Tuck School of Business at Dartmouth College in 1985. Bill attended the University of Mississippi on a National Merit Scholarship and graduated with honors in 1980.

Separately, David Botting plans to retire from the Board on August 10, 2015 after 9 months of service. It is anticipated that the appointment of Bill Wells would fill the vacancy resulting from David Botting's retirement from the Board.

John Bell, Executive Chairman of Tethys said:

"The turnaround is moving apace. In that context, I would welcome Bill Wells to the Board of Tethys as a Non-executive Director upon closing of the recent $47.7m refinancing transaction we announced with AGR Energy and see his joining the Board as another strong endorsement of the refinancing transaction. I look forward to working with Bill and my other Board colleagues to drive Tethys forward for the benefit of all shareholders."

"I would like to thank David for his significant contribution and wish him well in his future endeavours."

Note to Editors

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

Disclaimer

This press release contains "forward-looking information". Such forward-looking statements reflect our current views with respect to future events, including with respect to the completion of the financing and the existence of significant potential in both exploration and in discovered deposits in Central Asia and the Caspian Region and the rapid development of this oil and gas area. The forward-looking statements are based on the assumption that the financing will complete and that significant potential exists in both exploration and in discovered deposits in Central Asia and the Caspian Region and that this oil and gas area continues to rapidly develop. These forward-looking statements are subject to a number of risks and uncertainties, including the risk that the financing does not complete and that significant potential in both exploration and in discovered deposits do not exist in Central Asia and the Caspian Region and that this oil and gas area does not continue to rapidly develop. See our Annual Information Form for the year ended December 31, 2014 for a description of risks and uncertainties relevant to our business, including our exploration activities. 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.

Contact Information