Statement of Allegations: In the Matter of H. Howard Cooper et al.

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
H. HOWARD COOPER, THOMAS L. DIGRAPPA,
FRANK S. DIGRAPPA, MARY THERESE PAGLIASOTTI,
CROESUS EMERGING MARKETS RESOURCE
FUND LLC AND TETON OIL USA LIMITED

STATEMENT OF ALLEGATIONS OF STAFF
OF THE ONTARIO SECURITIES COMMISSION

Staff of the Ontario Securities Commission make the following allegations:

1. Teton Petroleum Company ("Teton") is incorporated under the laws of Canada.Teton is a reporting issuer in Ontario.

2. Each of H. Howard Cooper, Thomas L. DiGrappa, Frank S. DiGrappa, MaryTherese Pagliasotti, Croesus Emerging Markets Resource Fund LLC and Teton OilUSA Limited (individually, a "Respondent" and collectively, the "Respondents") is,or was during the financial year of Teton ended December 31, 1999 a director,officer, significant shareholder (beneficial ownership of 10% or more of the votingrights of Teton) or individual that has, or may have, access to material undisclosedinformation.

3. Teton failed to file annual financial statements for its financial year ended December31, 1999 on or before May 19, 2000, contrary to subsection 78(1) of the SecuritiesAct (Ontario).

4. By virtue of his/her/its relationship, each Respondent has, or may have, access toinformation regarding the affairs of Teton that has not been generally disclosed.

5. It would be prejudicial to the public interest to allow the Respondents to trade in thesecurities of Teton until such time as all disclosure required by Ontario securitieslaw has been made by Teton.

6. It is therefore in the public interest for the Commission to order that all trading,whether direct or indirect, in the securities of Teton by the Respondents cease untilsuch time as Teton has made all filings it is required to make under Ontariosecurities law.