Fincraft Group LLP has given notice of its intention to nominate Askar Ismailov as a director. Gazexport Limited has given notice of its intention to nominate Paul J. Ostling and Piers Johnson as directors.

Fincraft has not provided the Company with biographical information in respect of Mr. Ismailov. Gazexport has provided to Company with biographical information in respect of Mssrs. Ostling and Johnson, which is generally summarized as follows:

• Paul J. Ostling served as an attorney for Ernst and Young for thirty years handling complex regulatory and corporate matters. Paul has served on a number of boards of directors, run several companies, and developed his own entrepreneurial pursuits. He has particular expertise in large telecoms, industrial mining chemicals and complex global distribution enterprises. Current Board memberships and operating roles include CinemaLab, PISMOS Technology International Inc., Business Council for International Understanding, and Fordham University School of Law.

• Piers Johnson extensively trained in the Petroleum Business after working for Flopetrol Johnston Schlumberger. Piers started Oilfield Production Consultants Limited, a Petroleum and Reservoir Engineering Consultancy specializing in Operational Procedures, Integrated Studies, Wellsite Supervision and Well Test Analysis.

Management of Tethys has not undertaken any independent review of the credentials of such nominees and consideration of such nominees will be addressed at the upcoming shareholders meeting.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.

Disclaimer

Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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