THE WOODLANDS, Texas, July 29, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation (Pink Sheets:TKGC), an oil and gas exploration and production company, is today announcing a two week postponement of its first "Monthly Shareholders Conference Call."
Tekoil's previous press release dated June 22nd, 2005 informed shareholders that the first monthly conference call would begin on Monday, August 1, 2005. Because of a number of exciting developments and an extremely heavy work schedule, this conference call has been re-scheduled for Monday August 22, 2005 at 7 p.m. The regular monthly conference calls will then proceed as planned on the first Monday of each month, with the second call taking place on October 3, 2005.
Tekoil's Chairman and CEO Mark Western stated: "As per our recent press release dated July, 27th, we have critical deadlines to meet, with final planning for completion and closing of the Exploration and Development Contract in Eastern Canada. We are at an exciting time for Tekoil shareholders, but this is a critical stage in our contractual process, and the next two weeks will involve the deployment of senior management to multiple locations."
Mr. Western went on to say: "We would like to reiterate the importance we place on communication with our shareholders and keeping them informed, as we believe it is an essential part of building a successful organization." Our shareholders and our shareholder confidence is synonymous with our vision for Tekoil's long term future in the public markets, and bares testimony to our commitment to building shareholder value.
Tekoil is in the process of re-designing its website, and will be creating a special back-office "Shareholder Forum," where shareholders, amongst other things, will be able to register for each call. Please make sure you visit our website at www.tekoil.com for regular updates.
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.