Tethys Petroleum Limited completes US$50 million initial public offering

Date Closed: 6/27/2007

Value: US$50 million

Tethys Petroleum Limited (Tethys) announced that it completed its initial public offering of 18,181,818 Ordinary Shares for gross proceeds of US$50 million. The Ordinary Shares are listed on the Toronto Stock Exchange under the symbol "TPL".

The offering was conducted by a syndicate of agents led by Jennings Capital Inc. and which included Tristone Capital Inc. and Haywood Securities Inc.

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. In Kazakhstan its current development and exploration assets are located close to the Aral Sea in western Kazakhstan adjacent to the prolific Pre-Caspian basin. In Tajikistan Tethys is currently negotiating a Production Sharing Contract for the Kulob Area in the south-west of the country.

The BLG team included Philippe Tardif, Anthony Rasoulis, Robyn Bourgeois (corporate/securities), Joshua Cinnamon and Elinore Richardson (tax).