A Russian Oil Play with Growth AMEX: TPE

1. A Russian Oil Play with GrowthAMEX: TPE 2004 Oil & Gas Investment Symposium James J. Woodcock Director Wednesday, April 21, 2004

2. Corporate Information Forward-Looking Statement These summaries are not intended to be, nor are they offers to sell securities. No securities may be sold or purchased based upon this summary information. The sole purpose of these summaries is to provide an introduction to the operations of Teton Petroleum Company and a basis for inquiries by interested parties. Data concerning proven and probable reserves, the impact of currency trends, prospectiveness of adjacent properties and prospective operations are based upon information and studies prepared and provided by third parties and not independently investigated by Teton. Such statements are qualified in their entirety by the information on which they are based. These summaries contain predictions and projections, which may constitute forward-looking statements. A variety of factors could cause Teton's actual results and experience to differ materially from anticipated results or other expectations expressed in these forward-looking statements. Management encourages interested parties to review supporting studies used by Teton and to discuss with management these risks and uncertainties which may affect the operations, performance, development, and results of Teton’s business. The United States Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We disclose information concerning “probable reserves” and “possible reserves” in this release. The SEC guidelines strictly prohibit us from including this information in filings with the SEC. United States investors are urged to consider closely the disclosure in our Form 10-KSB filed with the SEC on April 15, 2003, and our periodic reports filed with the SEC after April 15, 2003. Copies of our reports are available from us upon written request, from our website at www.tetonpetroleum.com,and the SEC’s web site at www.sec.gov. Written requests should be addressed to Teton Petroleum Company, 1600 Broadway, Suite 2400, Denver, CO 80202-4921. Corporate Headquarters Teton Petroleum Corporation 1600 Broadway, Suite 2400 Denver, Colorado 80202 P: 303.542.1878 F: 303.542.1817 W: www.tetonpetroleum.com Gillian Kane, Vice President, Investor Relations P: 970.870.1417 E: Gillian@tetonpetroleum.com Investor Contact TPE

3. Teton’s Operations Existing Oil Pipeline Proposed Oil Pipeline Teton Moscow

4. Why We’re Attracted to Russia • Vast resource potential and infrastructure access for oil independents • Low drilling risk • Acquisition opportunities exist at $2.00-$3.00/BOE vs. >$8/BOE in North America • Country moving to market-based economy from central-command regime • Economy growing at 8% per year • Oil trade with U.S. used to offset dependence on OPEC exports

5. Russian Oil Industry – Then and Now

6. 12 600 10 500 8 400 mn T 6 300 mbpd 4 200 2 100 0 0 1984 1990 1980 1982 1992 1994 1986 1988 1998 2000 2002 1996 2003 Russian Oil Production:History Source: CGES, Argus, RPI & BP

7. Russian Export Capacity Growth Time to US Ports Murmansk 9 days Persian Gulf 32 days MMBOPD Export Growth Source: Cera, IEA, Petroleum Argus, Yukos

8. Teton’s Operations

9. Teton’s Operations • License on 78 square miles in Western Siberia • Located 10 miles north of Samotlor, Russia’s largest oil field • Located amongst majors such as BP/TNK and Occidental • Three oil fields with 21 productive wells and 3 miles gathering system • 25 miles of transmission pipeline with 14,000 bopd capacity • Current daily production from Goloil: 7,200 bopd gross, 1,800 bopd net • Estimated reserves • Proved: 8.3 MMBOE, 46% PDP • Probable: 14.6 MMBOE Lukoil RADUZHNYY 62° NOVAGANSK Occidental Petroleum TETON PETROLEUM POKACHI BP/TNK Samotlor Oil Fields (8.9 BBO rem.) Chernogorskye 61° MEGION NIZHNEVARTOVSK Transneft Pipeline 20 kms 76° 77° 78°

10. Wells and Production on Goloil Number of Producing Wells Production, MBbl 3-Year CAGR 142%

11. Our Team • Howard Cooper – Chairman and Founder 23 years in oil, 13 specifically in Russia. Before founding Teton in 1997, he worked in in Kazakhstan as principal of Central Asian Petroleum. • Karl F. Arleth – President and CEO Over 25 years in oil as President of Amoco Caspian Sea Petroleum and Chairman of the Board of Azerbaijan International Operating Company. • Igor Effimoff – COO A geologist with over 30 years experience in the Caspian Region with Shell Oil, the Azerbaijan International Oil Consortium and as President of Pennzoil Caspian Corp. • Pat Quinn, CFO 29 years of accounting, tax and auditing services primarily in oil companies. Providing services to Teton since its inception. Served as Controller of Hamilton Oil Corp. • James Riner – Acquisitions and Engineering A petroleum engineer with more than 40 years in technical and management positions with Shell Oil, Pelto Oil Co., Pend Oreille Oil & Gas Corp.

12. Stock Trading Information • AMEX: TPE; Frankfurt: TP9 • 9.1 million shares outstanding at 03/31/04 • 7.46 million warrants, 0.27 million preferred shares • Management and directors control 20% • Institutions own 30% • Eaton Vance Emerald Emerging Markets • Global Undervalued Securities Master Fund • Third Millennium Russia Fund • Tradewinds Asset Management • Talkot Crossover Fund • Share price: $6.10/$3.18 52-week high / low • Average daily trading volume on AMEX: 43,500 shares at 3/31/04

13. Financial Results In thousands Revenues Net earnings (deficit) before income taxes Net income (deficit) after income taxes Earnings (loss) per share Shareholder’s Equity Share price $ $ $ $ $ $ 2001 1,625 (1,741) (1,741) (.72) (.382) 1.14 $ $ $ $ $ $ 2002 6,923 (10,973) (10,973) (3.58) 4,879 2.16 $ $ $ $ $ $ 2003 11,437 (5,550) (5,634) (1.23) 10,205 4.00

14. Milestones Since 2000 • 2000 • Secured financing for 25-mile pipeline, infrastructure development and drilling program • 2001 • Completed pipeline, established continuous year-round production and began drilling program • 2003 • Added key managerial and operating personnel • Revenues increased 65% • Gross daily production rose 34% • Total assets increased 92% from $10.8 MM to $20.7MM • CAPEX: $7.1MM vs. $3.2MM, 122% change • Raised $10.3MM on 8% Convertible Preferred Stock offering • Gained listing on American Stock Exchange as TPE

15. 2004 and Beyond • 2004 • March 31 signed binding purchase and sale agreement to hold majority interest in Russian oil field producing 3,400 BOPD net to Teton • New field will double production • April 12 announced sale of existing property • Beyond • Focus on profitability, acquire new properties • Identify a strategic partner • Increase net daily production to 10,000 Bbl/D in 2004 through further acquisitions

16. Growth Strategy 100,000 300 MMBOE RESERVES 50 MMBOE RESERVES 10,000 BOPD 3,400 2004 2005

17. Why Own Teton Petroleum?

18. Reasons To Own Teton Petroleum • Most international oil exploration is off limits to small independents • Acquisition opportunities exist at $2.00-$3.00/BOE vs. >$8/BOE in North America • Teton has an established presence and experienced personnel on the ground in Russia • Goloil is proof of Teton’s abilities • Recent acquisition doubles production

19. A Russian Oil Play with GrowthAMEX: TPE 2004 Oil & Gas Investment Symposium James J. Woodcock Director Wednesday, April 21, 2004