SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    Form 8-K


                Current Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



Date of Report (Date of earliest event reported)      December 12, 2002


                             Teton Petroleum Company
             (Exact name of registrant as specified in its charter)


        Delaware                      000-31170                1482290
(State or other jurisdiction     (Commission File No.)      (IRS Employer
    of incorporation                                      Identification No.)


 P.O. Box 774327, Steamboat Springs, CO                       80477
(Address of principal executive offices)                    (Zip Code)


Registrant's telephone number, including area code        (970) 870-1417



          (Former name or former address, if changed since last report)

ITEM 5 - Other Events

During October and November of 2002 the Company raised approximately  $2,005,000
in proceeds from private  placement  offerings.  The additional  proceeds raised
will improve the Company's overall stockholder's equity balance of $2,645,000 at
September 30, 2002 to $4,650,000  before  consideration of results of operations
and other changes during the corresponding period. The increase to stockholder's
equity as a result of the additional  private placement proceeds received is not
necessarily  indicative of the Company's current or future  stockholder's equity
balances due to the impact of operating  results,  additional capital raised and
other changes which may occur.

On December 3, 2002 the Company  announced that its recent private placement had
significant institutional involvement, in addition to third quarter results. The
Company disclosed in the third quarter it had a cash loss of $600,000. Presented
below is a  reconciliation  of the Company's net loss as reported on Form 10-QSB
for the  quarter  ended  September  30, 2002 to the cash loss  disclosed  in the
December 3, 2002 press release.

Net loss for the three months-ended September 30, 2002    $ (2,216,169)

Add back of non-cash expenses:
Depreciation, depletion and amortization                        68,419
Consulting services                                             74,665
Interest expense converted to equity                            71,104
Financing charges                                            1,390,951
                                                          ------------
  Total non-cash adjustments                                 1,605,143
                                                          ------------

Cash loss for the three months-ended September 30, 2002   $    611,026
                                                          ============

ITEM 7 - Financial Statements and Exhibits

c)  Exhibits

99.1      Copy of Press Release


SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                    TETON PETROLEUM COMPANY


Date: December 12, 2002             By:   /s/ H. Howard Cooper
                                          H. Howard Cooper
                                          Chief Executive Officer



Date: December 12, 2002             By:   /s/ Thomas F. Conroy
                                          Thomas F. Conroy
                                          Chief Financial Officer
                                          (principal financial officer)