2009-08-17-2008-06-01

To acquire 50% interest in Rostoshinskoe gas discovery.

Tethys Petroleum Ltd. (Toronto: TPL) plans to acquire a 50% interest in the Rostoshinskoe gas discovery in Kazakhstan with closed mutual investment fund Halyk Perspectiva for an undisclosed price. Rostoshinskoe Field is in the Zelenovsky region of western Kazakhstan near Oral on the northern edge of the Pre-Caspian Basin. Proved plus probable reserves are approximately 553 billion cubic feet of gas net. Tethys chief commercial officer Julian Hammond says, "We believe Rostoshinskoe Field has significant potential and would be a good acquisition which fits with Tethys' focus on gas in Kazakhstan, particularly given that current prices for gas are increasing. This field is in a different region to our current gas production and exploration assets, but is located in an area of significant gas pipeline infrastructure close to the Russian border."