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Press release from Marketwire

Tethys Petroleum Limited: Kul-Bas Contract Extension

Thursday, February 28, 2013

Tethys Petroleum Limited: Kul-Bas Contract Extension02:00 EST Thursday, February 28, 2013ASTANA, KAZAKHSTAN--(Marketwire - Feb. 28, 2013) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announced that the Ministry of Oil and Gas of the Republic of Kazakhstan ("MOG") has agreed to extend the Exploration Period for the Company's Kul-Bas Exploration and Production Contract (the "Contract") by a further two years until November 11, 2015. The Kul-Bas contract area (which currently covers an area of 7,632 km2 (1.9 million acres)) surrounds the Akkulka contract area which contains the Company's producing oil and gas fields. This extension gives Tethys further time to explore this attractive area which has several prospects and leads and with a proved commercial oil and gas system in the Akkulka block. In addition the Kul-Bas block contains the KBD01 (Kalypso) well which is awaiting testing later this year after having encountered several intervals with hydrocarbon indications. This extension is subject to registration of a suitable addition to the Contract.Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2011 for a description of risks and uncertainties relevant to our business, including our exploration activities. FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: North AmericaTethys Petroleum LimitedSabin Rossi - All Investor QueriesVice President Investor Relations+1 416-941-1257+1 416-947-0167 (FAX)EuropeTethys Petroleum LimitedVeronica Seymour - All Media QueriesVice President Corporate Communications+44 1481 725911+44 1481 725922 (FAX)Corporate Brokers:FirstEnergyHugh Sanderson / David Van Erp+ 44 207 448 0200Seymour PierceRichard Redmayne / Stewart Dickson+44 207 107 8000Asia Pacific: Quam IRAnita WanOffice phone/fax: +852 2217 2999FTI ConsultingBen Brewerton / Natalia Erikssen+44 207 831 3113Tethys Petroleum Limitedinfo@tethyspetroleum.comwww.tethyspetroleum.comMobile site: m.tethyspetroleum.com