THE WOODLANDS, Texas, July 27, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation (Pink Sheets:TKGC), an oil and gas exploration and production company, is pleased to announce that it has formed a strategic alliance with an Engineering Team of experts in the E & P Industry, who have decades of reservoir engineering, geological, geophysical, project planning and production fulfillment, expertise and experience.
The management team is fully conversant with Tekoil's Eastern Canadian Project, currently in the final planning stages. Tekoil will be signing a term sheet on or before August 15, 2005, with closing for the Exploration and Development contract scheduled for September 17, 2005. This will be subject to final due diligence by Tekoil's management and engineering team.
Mark Western, Tekoil's Chairman and CEO stated, "With any project of this magnitude the engineering team is critical in the creation of a successful production development. It has taken several months to assemble the right engineers, and not only do we have the best individuals, we have a world-class, cohesive engineering team, that collectively have several years of experience working with major international E&P companies, while developing this prospect."
The company is currently discussing terms with several financial institutions and JV partners for the respective operating and funding requirements. A project and reserve summary, and an introduction to Tekoil's engineering team can be found under "Operations" on the company's website at www.tekoil.com.
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.