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Tethys Petroleum – Changes at the helm

Published: 21:27 24 Aug 2009 BST

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Few changes to the Board of Directors at Toronto listed Tethys Petroleum (TSX: TPL). Following the stepping down of Colin Smith and Paul Murphy both are currently non-executive directors, Marcus Rhodes and James Rawls have joined the board. Colin Smith was the Chairman of the Company's Audit Committee and will be replaced by Marcus Rhodes. These resignations are due to other business commitments and were not prompted by an animosity with the management of the company. 

Tethys has always prided itself for getting the best personnel into the company’s fold and Marcus Rhodes and James Rawls are no exception. Rhodes is a Chartered Accountant and an experienced auditor with some 17 years working in Eastern Europe and the former Soviet Union, most recently as an Audit Partner with Ernst & Young in their Moscow office. He also holds a B.Sc. (Hons) degree in Economics and Economic History from the Loughborough University (England), and is a Member of the Institute of Chartered Accountants of England & Wales.

Marcus has worked with a wide variety of clients in many industry sectors including retail and consumer products, paper and pulp, pharmaceuticals, hotels, iron & steel manufacture, aluminium manufacture and mining, as Audit Partner, Head of the Audit Practice, Head of Retail and Consumer Products and Advisory Partner in respect of structural and reporting issues relating to audit committees. He was also the Partner responsible for establishing the Arthur Andersen practice in Uzbekistan and has worked on and been responsible Audit Partner on a number of Russian related IPO's and advised on Eurobond and Russian bond issues. Marcus is currently an independent consultant and also serves as Head of the Audit Committee and non-executive director for three leading Russian companies in the food, beverage and restaurant sectors, these companies being listed on the New York Stock Exchange, London Stock Exchange and the Russian Stock Exchange.

James Rawls meanwhile is a registered Petroleum Engineer with over 35 years industry experience in engineering and finance; he is currently the owner and manager of Rawls Resources, Inc., a private oil and gas exploration company. He holds a BS degree (distinction) in Petroleum Engineering from Mississippi State University and was named a Distinguished Fellow of the Bagwell School of Engineering in 2007.

Rawls worked for Exxon Company USA in onshore and offshore development as a Senior Project Engineer, and later went on to a successful 12 year career in banking as Manager of the Energy Lending Department of Deposit Guarantee National Bank. In the early 1990's, he moved back into oil and gas exploration as president of Hughes-Rawls Corporation. Since that time, both in association with others as well as in entities owned individually, Mr. Rawls, has been involved in drilling oil and gas wells both onshore and offshore, in the United States and elsewhere. He is currently involved both in exploration and private investments. He has served on the public company boards of Redcliffe Exploration Inc., Harcor Energy Inc., Tikal Resources Corporation, and Aquest Energy, Ltd. as well as on the boards of numerous private companies, professional and philanthropic organizations.

About Tethys Petroleum
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. See our Annual Information Form for the year ended December 31, 2008 and other filings for a description of risks and uncertainties relevant to our business, including our exploration and development activities.

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