Teton Petroleum Company Adopts Shareholders Rights Plan
04 June 2005 - 7:00AM
PR Newswire (US)
Teton Petroleum Company Adopts Shareholders Rights Plan DENVER,
June 3 /PRNewswire-FirstCall/ -- Teton Petroleum Company (AMEX:TPE)
has adopted a shareholder rights plan designed to protect
shareholders in the event of a proposed takeover or use of a
partial tender offer to gain control of the company. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) The Company
adopted this plan in order to protect shareholder interests in the
event that the Company is confronted with coercive or unfair
takeover tactics, including offers that do not treat all
stockholder interests fairly or do not maximize the value of the
Company. The goal of the plan is not to prevent a favorable
acquisition, but rather to address the possibility that unilateral
actions by "hostile acquirers" could deprive the board and
shareholders of opportunities to maximize the Company's value. If
the Rights become exercisable, the type and amount of securities
receivable upon exercise of each Right will depend on the
circumstances at the time of exercise. Each Right will initially
entitle each shareholder to buy one one-hundredth of a share of
newly created Teton Series C Preferred Stock at an exercise price
of $22. Each preferred share fraction is designed to be equal in
voting and dividend rights to one common share. The rights will
become exercisable and trade separately if a person or group
acquires 15 percent or more of the company's common stock or
commences a tender or exchange offer that would result in 15
percent ownership. All rights under the plan expire on June 2,
2008, and cannot be extended unless approved by the company's
shareholders. About Teton Petroleum Company Denver based Teton
Petroleum is an exploration and production company with operations
in the Rocky Mountains of the U.S. The Company's common stock
trades as TPE on the American Stock Exchange. More information
about the Company is available on the Company's website,
http://www.tetonpetroleum.com/, and through additional press
releases as the projects develop. Forward-Looking Statements This
news release may contain certain forward-looking statements,
including declarations regarding Teton and its subsidiaries'
expectations, intentions, strategies and beliefs regarding the
future within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. All
statements contained herein are based upon information available to
Teton's management as at the date hereof and actual results may
vary based upon future events, both within and without the control
of the Teton's management, including risks and uncertainties that
could cause actual results to differ materially including, among
other things, the impact that additional acquisitions may have on
the company and its capital structure, exploration results, market
conditions, oil and gas price volatility, uncertainties inherent in
oil and gas production operations and estimating reserves,
unexpected future capital expenditures, competition, governmental
regulations and other factors discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2004 filed with
the Securities and Exchange Commission. More information about
potential factors that could affect the Company's operating and
financial results is included in Teton's annual report on Form 10-K
for the year ended December 31, 2004. Teton's disclosure reports
are on file at the Securities and Exchange Commission and can be
viewed on Teton's website at http://www.tetonpetroleum.com/. Copies
are available without charge, upon request from the Company.
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO
http://photoarchive.ap.org/ DATASOURCE: Teton Petroleum Company
CONTACT: Gillian Kane of Teton Petroleum Company, +1-303-542-1860,
Web site: http://www.tetonpetroleum.com/
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