Mr. Richard Habiak reports

TESLA PROVIDES AN UPDATE TO ITS CREDIT FACILITY RENEWAL

Tesla Exploration Ltd. is continuing to work with its current bank lender on the annual extension of its credit facility agreement, which is normally completed in May of each year. The company has requested amendments to certain terms, including a temporary waiver of its financed-debt-to-EBITDA covenant and changes to the borrowing base formula, which determines its loan limits. The amendments have been requested to avoid a breach of these covenants. Tesla has also received a preliminary proposal from another party for an additional loan, which it is pursuing while concurrently working with its bank lender on the terms of the credit facility. The company expects to provide a further update regarding the credit facility and the proposed new loan, when negotiated.