2008-03-28

Secondary listing on Kazakhstan RFCA approved

Friday March 28, 2008 – Almaty, Kazakhstan – Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) today announced that the listing of its securities on the Official List of the Regional Financial Centre of Almaty (“RFCA”) Special Trading Floor operated by the Kazakhstan Stock Exchange JSC (“KASE”) has been approved by a Resolution of the Expert Council of the RFCA. The listing will become effective following the execution of registration documentation and payment of listing fees. The securities code will be “aGG_TPL”.

JSC Astana Finance acted as sponsor for this listing and responsibilities of the market-maker have been assigned to the JSC "Brokerage Company Astana Finance" (Almaty). This listing is a secondary listing to Tethys’ primary listing on the Toronto Stock Exchange (“TSX”) and maintenance of the Company’s shareholders register system will continue to be carried out by Equity Transfer & Trust Company (Toronto, Canada).

Tethys is the first foreign oil and gas company to be accepted to list on the RFCA. The RFCA was established to promote development of the securities market and integration with the international capital markets and has been endorsed by the President of Kazakhstan. The RFCA special trading floor was established on December 15, 2006. The RFCA is operated by the Kazakhstan Stock Exchange and is based in Almaty, the business centre of Kazakhstan.

Other companies listed on the RFCA include Kazcommertzbank, Halyk Savings Bank of Kazakhstan, Kazakhtelecom JSC and Astana Finance JSC.

Dr. David Robson, Chairman, President and Chief Executive Officer of Tethys, said, “We are delighted to have been accepted for listing on the RFCA. This listing will complement our current primary listing on the TSX and strengthens our profile in Kazakhstan. I would like to thank our finance team in Almaty and our sponsor, Astana Finance, for their hard work on this groundbreaking listing. This listing further reinforces our commitment to Central Asia and to Kazakhstan in particular and will hopefully allow more Kazakh investment in our company increasing local involvement and exposure to our activities in the region. This is an important part of Tethys’ strategy to become more integrated with the Kazakh and regional economy and the rapidly developing local business and shareholding community.”

Mr. Alexander Viktorovich Savchuk, Chairman of Management Board of JSC Astana Finance, said, “JSC «Astana Finance» is pleased to inform about significant event – first listing of foreign oil & gas company – Tethys Petroleum Limited on the official list of the Regional Financial Centre of Almaty (RFCA) special trading floor. We believe that the listing on RFCA will allow Tethys Petroleum Limited to gain access to the broad range of investors in Kazakhstan and promote Government’s efforts in further development of Kazakhstani securities market. JSC «Astana Finance» wishes Tethys Petroleum Limited success and hopes that the successfully finished project on the listing at RFCA will be a beginning of the mutual long-term cooperation between the companies!”

Astana Finance is one of the largest financial institutions in Kazakhstan providing a wide range of financial services, including broker and dealer services, asset management, corporate and retail financing, leasing, mortgage finance.

PG Communications, an affiliate company of the Kazakhstan Press Club, was appointed as PR consultant for Tethys Petroleum in Kazakhstan.

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republic of Kazakhstan and more recently the Republic of Tajikistan. 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, including, the risks and uncertainties outlined under the section titles “Risk Factors and Uncertainties” in our prospectus (available at www.sedar.com). Should one or more of these risks materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.

For more information please contact:

Sabin Rossi
Vice President Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1
Canada

Office: 1-416-572-2065
Fax: 1-416-572-2201
Cell: 1-617-669-1841
e-mail: info@tethys.gg
website:www.tethyspetroleum.com