OREANDA-NEWS. May 29, 2009. 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, reported the press-centre of KASE:

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.