HOUSTON, April 26, 2005 (PRIMEZONE) -- Alaska Oil and Gas, the 'Company,' or (Pink Sheets:AKOL) is in the process of changing its name to Transworld Oil & Gas Ltd. The company believes that the new name suggested by a shareholder is better suited to its current and future operations.
The company is in the process of completing the due diligence in regard to the acquisition of the 49% ownership of a producing oil company located in Russia. Preliminary financial statements of this company which are audited indicate some 20 million dollars of revenues. The company feels that the completion of this deal will also allow AKOL to become a reporting issuer and move to a higher trading venue.
About Alaska Oil and Gas
Alaska Oil and Gas (Pink Sheets:AKOL) is a development stage energy company and intends to become a worldwide company specializing in the extraction and production of oil and gas. The company is seeking to extract and produce both oil and gas via partnerships and acquired properties.
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are made based on information available as of the date hereof, and the company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties and the company's actual results may differ from these forward-looking statements. Such risks and uncertainties include but are not limited to demand for the company's products and services, our ability to continue to develop markets, general economic conditions, our ability to secure additional financing for the company and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.