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Tethys Petroleum Limited: Tethys Petroleum 2008 Annual Results

^{Published on 2009-03-31 19:13:01, Last Modified on 2009-03-31 19:14:23 - Market Wire}
 

GEORGETOWN, CAYMAN ISLANDS--(Marketwire - March 31, 2009) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced its Annual Results for the period ended December 31, 2008. The full Annual Results together with a Management Discussion & Analysis have been filed with the Canadian securities regulatory authorities. Tethys also announced that it has filed its Annual Information Form ("AIF") which contains reserves data and other information about the Company for the period ended December 31, 2008, and the reports as mandated by National Instrument 51-101. Copies of the filed documents may be obtained via SEDAR at [ www.sedar.com ] or on Tethys' website at [ www.tethyspetroleum.com ]. The summary financial statements are attached to this press release.

Highlights

- The Company generated revenues from gas sales of US$5.36 million in the year ended December 31, 2008 compared to US$0.194 million in the year ended December 31, 2007.

- The Company recorded a net loss of US$22.627 million in the year ended December 31, 2008 compared to US$41.779 million in the year ended December 31, 2007.

- The Company had a cash and working capital surplus of US$21.489 million in the year ended December 31, 2008 compared to US$25.773 million in the year ended December 31, 2007.

- Capital expenditure in the year ended December 31, 2008 was US$42.343 compared to US$ 23.001 million in the year ended December 31, 2007.

- Operating costs in the year ended December 31, 2008 were US$1.334 million compared to US$0.019 million in the year ended December 31, 2007 (the 2007 figure covered only 12 days of production).

- General and Administrative costs in the year ended December 31, 2008 were US$13.421 million compared to US$9.461 million in the year ended December 31, 2007 reflecting the greater level of activity in the Company during that period.

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan and 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 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. See our Annual Information Form for the year ended December 31, 2008 for a description of risks and uncertainties relevant to our business, including our exploration activities.

 TETHYS PETROLEUM LIMITED
 Consolidated Statement of Operations and Comprehensive Loss


 Year ended December 31,

 2008 2007
 ------------------------------
 (Expressed in 000's
 United States dollars
 Note except share data)
Revenues Net of Royalties
 Oil and gas sales 5,360 194
 ------------------------------
 5,360 194
 ------------------------------

Expenses
 Operating 1,334 19
 Selling, general and administrative 13,421 9,461
 Stock based compensation 14 3,945 17,624
 Depreciation, depletion and
 amortization (2007 includes ceiling
 test write down of $12.8 million) 7 6,449 13,057

 ------------------------------

 25,149 40,161
 ------------------------------

Operating Loss (19,789) (39,967)
 ------------------------------

Other Income/(Expense):
 Interest, net 754 (1,437)
 Foreign exchange (losses) (3,060) (96)
 Finance charges (373) (238)
 Other (159) (41)
 ------------------------------
Total Other (Expense) (2,838) (1,812)
 ------------------------------

Loss Before Income Taxes (22,627) (41,779)
Income taxes - -
 ------------------------------

Net Loss and Comprehensive Loss for
 the year (22,627) (41,779)
 ------------------------------
 ------------------------------

Weighted average number of common
 shares outstanding 14 55,987,525 33,274,413
 ------------------------------

Basic and diluted loss per share (0.40) (1.26)
 ------------------------------

See accompanying notes to these financial statements



 TETHYS PETROLEUM LIMITED
 Consolidated Balance Sheet


 As at
 ---------------------------
 December 31, December 31,
 Note 2008 2007
 ------------- ------------
 (Expressed in 000's 
 United States dollars)

ASSETS

Current Assets
Cash and cash equivalents 22,200 26,692
Prepayments 3 900 351
Accounts Receivable 1,124 219
Inventory 213 -
Other current assets 640 790
 ------------- ------------
Total current assets 25,077 28,052

Non Current Assets
Prepayments 3 1,514 3,062
Restricted Cash 5 587 318
Value added tax recoverable 6 4,843 2,752
Capital assets 7 73,793 37,472
 ------------- ------------
Total non-current assets 80,737 43,604

 ------------- ------------

Total Assets 105,814 71,656
 ------------- ------------
 ------------- ------------

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Accounts payable 1,219 1,388
Current portion of long term debt 8 853 -
Accrued & other liabilities 1,516 891
 ------------- ------------
Total current liabilities 3,588 2,279

Non Current Liabilities
Long term debt 8 5,096 -
Other non-current liabilities 9 523 776
Asset retirement obligation 10 433 661
 ------------- ------------
Total non current liabilities 6,052 1,437

 ------------- ------------

Total Liabilities 9,640 3,716
 ------------- ------------

Stockholders' equity 13
Share capital 145,237 99,483
Contributed Surplus 14 7,472 3,527
Warrants 15 17,717 16,555
Accumulated deficit (74,252) (51,625)
 ------------- ------------

Total stockholders' equity 96,174 67,940
 ------------- ------------

Total Liabilities and Stockholders' Equity 105,814 71,656
 ------------- ------------
 ------------- ------------

Commitments and contingencies 11

See accompanying notes to these financial statements

Approved by the board of directors "D Robson" "B Murphy"
 on March 31, 2008 Director Director