/KASE, May 25, 09/ - Tethys Petroleum Limited (Channel Islands), common
shares of which are listed on the special trading floor of the Regional
Financial Center of Almaty, provided Kazakhstan Stock Exchange (KASE) with a
press release dated May 19, 2009 saying:
Quotation beginning
Today Tethys Petroleum Limited ("Tethys" or "the Company") (TSX: TPL)
released its financial results for Q1 2009. These the first statements released
in accordance with the International financial reporting standards (IFRS). The
previous financial results were released in accordance with the Generally
accepted accounting principles of USS (GAAP USA).
HIGHLIGHTS
- Income received in three months through March 31, 2009 reached
USD529,000, compared with USD1,431,000 for the same period last year, as
result of stoppage of gas mining at Kzyloy deposit in January and February
2009 because of installation works.
- Capital spending in three months before March 31, 2009 reached
USD10,237,000, compared with USD3,541,000 the same period last year.
- In three months before March 31, 2009 net loss reached USD5,960,000,
against the loss of USD4,640,000 the same period last year.
In February 2008 the Council for accounting standards confirmed IFRS will be
applied for Canadian enterprises for reporting periods beginning January 1, 2011
and later, however Tethys, as a foreign issuer, chose to comply with the
standards ahead of schedule.
Financial documents for the three month period ending March 31, 2009, are the
first such documents prepared in accordance with IFRS and are available at:
www.sedar.com. Because additional work on concord and compliance of the shift
to new standards an audit report was not prepared by the time of release of
financial documents. It is expected to finish the report within several days.
Tethys is mining oil and gas in Central Asian Kazakhstan, Tajikistan and
Uzbekistan. The company is developing the area and Tethys believe in high
potential of explored and available deposits.
Contact:
Sabin Rossi
Vice-president Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1
Canada
Office:+1 416 572 2065
Fax:+1 416 572 2201
e-mail:info@tethyspetroleum.com
Website: www.tethyspetroleum.com
In Kazakhstan
Ardak Akanov
Managing director
PG Communications
Almaty Samal-2, Business center Satti
Office phone/fax:+7 (727) 272 8867, +7 (727) 272 8237
E-mail: development@pressclub.kz
Quotation end
The full version of the press release is available at the KASE website at:
-
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_190509.pdf - in
Russian;
-
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_190509e.pdf - in
English.
[2009-05-25]