THE WOODLANDS, Texas, July 14, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation (Pink Sheets:PXCN), an oil and gas exploration and production company, is pleased to announce the appointment of a key Director to its board.
Mr. Richard Creitzman has spent the past twelve years working in Russia and parts of the Former Soviet Union. He has held senior executive positions in trade finance, commodity finance and oil and gas exploration for one of Russia's largest and fastest growing oil companies, Sibneft. As Head of Corporate Finance, Mr. Creitzman was responsible for complex finance negotiations, insurance, international press and corporate relations. During his tenure, Sibneft successfully raised $900 million via two successful Eurobonds, and over $1.5 billion in trade finance, taking his total placements while in Russia to more than $2 Billion in secured financing, and over $1 billion in unsecured financing. He also placed shares into the market via international placement and increased shareholder value for Sibneft by more than 250%.
Tekoil's Chairman & CEO, Mark Western is thrilled by the appointment. "Richard's appointment to our board is a significant step towards achieving the company's long term plans for growth. When I first met Richard in Moscow two years ago, I immediately realized that he would be a serious asset to any corporation." Mr. Western went on to say: "Tekoil is presently structuring a very large oil and gas play in Eastern Canada, and Richard's experience will no doubt prove invaluable for securing our project financing and our international operating partners. Richard will also be assisting the company with several additional acquisition targets, as well as project financing where Tekoil plans to take a smaller, non-operating interest in several oil, gas and coal-bed-methane plays."
In July 2003, Mr. Creitzman also became a Director of Chelsea Limited in London, a company that owns Chelsea Village and Chelsea Football Club, for which he was also appointed a Directorship. He was involved in the negotiation and running of the football club until August of 2004, following the takeover by new management. Mr. Creitzman was born and educated in England, and obtained a Bachelor of Science in Business and Geography, in the fields of Economics, Law, Accounting and Statistics.
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 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'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.