THE WOODLANDS, Texas, July 7, 2005 (PRIMEZONE) -- PEXCON, Inc. (Pink Sheets:PXCN), an oil and gas exploration and production company, is announcing the issuance of One Hundred Nineteen Million Eight Hundred Sixty Eight Thousand (119,868,000) new shares, effective as of June 27, 2005, pursuant to that certain Acquisition Agreement by and between PEXCON, Tekoil & Gas Corporation and Mr. Gerald M. Dunne.
About Tekoil & Gas Corporation:
Houston based Tekoil & Gas Corporation, 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 and its 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 management as at the date hereof and actual results may vary based upon future events, both within and without the control of Tekoil 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.