2012-04-02

Exercise of Options

TETHYS PETROLEUM PRESS RELEASE

2 April 2012

Tethys Petroleum Limited

Exercise of Options

GRAND CAYMAN, CAYMAN ISLANDS, Monday, April 2nd, 2012 - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) announces that it has issued and allotted 15,000 new Ordinary Shares of US$0.10 each in the Company pursuant to the exercise of options. Application has been made for the new Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange and dealings are expected to commence on the London Stock Exchange at 8 a.m. (London time) on April 10th, 2012. The new Ordinary Shares will rank pari passu with the existing shares of the Company.

For information please contact:

Tethys Petroleum Limited
Sabin Rossi
Vice President Investor Relations

Office: +1 416 572 2065
+1 416 572 2201 (FAX)

info@tethyspetroleum.com

Web: http://www.tethyspetroleum.com

Mobile site: m.tethyspetroleum.com