THE WOODLANDS, Texas, June 21, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation/PEXCON, Inc. (Pink Sheets:PXCN), an oil and gas exploration and production company, is pleased to announce the appointment of three Key Executives.
Mr. Frank Clear has been appointed Director, President and COO. Mr. Clear was born and educated in Southern Africa. During the first 15 years of his career, he was employed in the Banking sector with Barclays Bank, mainly in commercial banking and then in corporate and international finance. During the high-tech boom of the mid 1980s, he co-founded what became one of the largest PC manufacturing plants and distributorships in South Africa. In 1989, Mr. Clear successfully sold his company and ventured into consulting.
He has been fortunate to work and travel extensively across the Globe and has built up a strong base of international business and political contacts. He has worked with Trading Companies involved with the oil and gas industry in Africa, and with The Corporate Council of Africa (CCA). Founded in 1993, CCA has been the leading American non-profit, tax-exempt organization dedicated to enhancing trade and investment ties between the United States and the 53 countries of Africa. The American companies that make up the CCA represent nearly 85 percent of all U.S. private sector investment in Africa. A large percentage of these are the "major" oil and gas companies. Mr. Clear has also worked with The World Bank and US Aid on several projects.
Mr. Gerald Goodman has been appointed Director and CFO. Gerald is a partner in the Certified Public Accounting firm of Wiener, Goodman & Company, P.C. The regional firm located in Eatontown, NJ also has offices in New York and Pennsylvania. Gerald has vast experience in public accounting and was the natural choice for CFO and advisor to the Audit Committee. Gerald provides audit, tax and management advisory services to his clients, and is the partner-in-charge of the SEC Practice Section of the firm. A major part of his client base is international, with clients in Hong Kong, United Kingdom, France, Germany and the CIS.
According to Gerald, "The many tax issues created by exploration and production in different parts of the world and its effect on the taxability in the United States, makes assisting Tekoil in the financial area of the company as a director an exciting opportunity. I welcome the challenge to assist Tekoil in planning its financial structure to carry it through the year 2005 and beyond." Gerald received a Bachelor of Science degree in accounting from Penn State in 1970. In 1983, he became a member of the American Institute of Certified Public Accountants.
Mr. Eric Ottens has been appointed as Executive Vice President and brings 7 years of international oil and gas experience to the company. Mr. Ottens worked five years as Finance Manager for a division of Baker Hughes International in Rio de Janeiro, and lived two years in Brazil working for a local oil and gas consulting company. For a period of four years he was also the Regional Controller for Marriott Corporation in San Juan, Puerto Rico, and spent five years as the Managing Director for Global Telecom Network. Mr. Ottens is fluent in Portuguese and Spanish and graduated in 1978 from the University of Maryland with a degree in Finance and Accounting.
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.