THE WOODLANDS, Texas, June 17, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation/PEXCON, Inc. (Pink Sheets:PXCN), an oil and gas exploration and production company, is pleased to announce that Mark Western, Chairman & CEO of Tekoil & Gas Corporation has been appointed Chairman & CEO of PEXCON, Inc. Mr. Western brings 15 years of global E&P experience to PEXCON, and will be leading a highly experienced oil and gas team, focused on the acquisition and development of oil and gas well assets throughout North America. The merger is being completed by Tekoil's legal counsel, and the company is preparing to list PEXCON on the Nasdaq OTC:BB.
As part of the acquisition, PEXCON, Inc. will change its name to Tekoil & Gas Corporation. The current shareholders of Tekoil will receive restricted shares of PEXCON equal to 83% of the outstanding shares, in exchange for transferring 100% of the shares of Tekoil to PEXCON. Gerald Dunne, the former Chairman of PEXCON, will also receive an additional 7% of the issued and outstanding shares and become a consultant to the company. The appointments of additional board members and Tekoil's executive management team will be announced during the next two weeks. Tekoil is in discussions with several oil and gas acquisition targets, and will issue press releases once formal contracts have been approved by the newly appointed Board of Directors. The company is also engaged in negotiations with an institutional investor concerning a large equity investment, and both parties are engaged in the due diligence process.
About Tekoil & Gas Corporation/PEXCON, Inc.:
Houston based Tekoil & Gas Corporation/PEXCON, Inc., is a technology driven, oil and gas exploration and Production Company that utilizes advanced production technologies. The company is focused on the development, acquisition, stimulation, rehabilitation, and asset improvement of small to medium-sized oil and gas fields throughout the North American Continent. The combination of energy fuel reserves and advanced yield technologies, are anticipated to generate value for Tekoil and its stakeholders, as the company targets above average growth in the 21st century energy sector. Additional news and information will be made available on the new Tekoil website at www.tekoil.com, and through further press releases as acquisitions and development projects are executed.
Forward-Looking Statements:
This news release may contain certain forward-looking statements, including declarations regarding Tekoil/PEXCON and its/their subsidiaries' expectations, intentions, strategies and beliefs regarding the future within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements contained herein are based upon information available to Tekoil/PEXCON management as at the date hereof and actual results may vary based upon future events, both within and without the control of Tekoil/PEXCON's management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that additional acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, governmental regulations and other factors.