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Tethys Petroleum First Quarter 2009 Financial Results

Source: www.gulfoilandgas.com 5/19/2009, Location: Europe

Tethys Petroleum Limited announced its first quarter 2009 financial results. These are the first results reported by the Company in accordance with International Financial Reporting Standards ("IFRS"). The Company's previous financial results have been reported in accordance with United States Generally Accepted Accounting Principles ("US GAAP").

Revenue generated in the three months to March 31, 2009 was US$529,000 compared to US$1,431,000 in the same period of 2008 as a result of the Kyzyloi production being shut down in January and February 2009 due to the installation work on compressors.

- Capital expenditure of US$10,237,000 was incurred in the three months to March 31, 2009 compared to US$3,541,000 for the same period in 2008.

- A net loss of US$5,960,000 was recorded in the three months to March 31, 2009 compared to a loss of US$4,640,000 for the same period in 2008.

The Accounting Standards Board ("AcSB") confirmed in February 2008 that International Financial Reporting Standards ("IFRS") will be used for Canadian publicly accountable enterprises for financial periods beginning on and after January 1, 2011 but as a foreign issuer, Tethys took the decision to meet these standards early.

The financial statements for the three month period ended March 31, 2009 are the first to be prepared under IFRS and are available in full on www.sedar.com. The additional work involved in effecting and reconciling this switch resulted in the auditors' review not being complete at the time when the financial statements were filed. The review is anticipated to be completed within a matter of days.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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