THE WOODLANDS, Texas, July 29, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation f/k/a Pexcon, Inc. (Pink Sheets:TKGC), an oil and gas exploration and production company, is announcing the completion of the transaction contemplated by that certain Acquisition Agreement dated May 25, 2005 (the "Agreement") by and between Tekoil & Gas Corporation, a Florida corporation (now a wholly owned subsidiary of Tekoil & Gas Corporation f/k/a Pexcon, Inc.); Pexcon, Inc. n/k/a Tekoil & Gas Corporation, a Delaware corporation; and Gerald M. Dunne.
Tekoil & Gas Corporation f/k/a Pexcon, Inc. is also announcing the new share structure of the corporation pursuant to the Agreement as follows:
Eight hundred million (800,000,000) shares of common stock authorized, .00000001 par value, of which seven hundred seventy two million two hundred thousand (772,200,000) shares are issued and outstanding. Twenty million (20,000,000) shares of preferred stock authorized, .00000001 par value, of which zero (0) are outstanding.
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. The company has recently formed a wholly owned subsidiary, Tekmining, LLC, and plans to acquire a number of high-grade mineral assets for development and distribution. 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.