SOURCE: Ethanoil and Gas Corp.

October 16, 2007 09:00 ET

Ethanoil Provides Fuel Cell Update

LAS VEGAS, NV--(Marketwire - October 16, 2007) - Ethanoil and Gas Corp. (PINKSHEETS: EGCP) today announces that it has completed negotiations and has reached agreement on the terms by which the company will acquire a majority interest in an advanced fuel cell program. The parties to the negotiations have submitted the terms of the agreement to legal counsel who will create and submit the final agreement to the parties for signing.

Ethanoil President, John Davenport, stated, "We're approaching an important milestone for Ethanoil and Gas. The terms of this agreement will give Ethanoil the rights to develop, manufacture and market the fuel cell and its related technologies. The terms will also secure the exclusive rights to market a new flat-plate rechargeable battery technology in hybrid power system arrangements with the fuel cell."

Mr. Davenport continued, "We're moving ahead on several fronts. Ethanoil will release details of the agreement and the technologies upon signing in the days ahead. We've already commenced the process of creating the structures and relationships required for the development and marketing of the fuel cell hybrid power system technologies. This hybrid power system is expected to be the lowest cost, easiest to fuel and most convenient to use unit on the market."

Ethanoil and Gas Corporation (EGCP) is an independent energy company focused on the development of conventional and alternative energy assets. Ethanoil and Gas is focused on the development of long-term, sustainable energy solutions through the cultivation of innovative strategies that directly respond to the most recent developments in the energy and technology sectors.

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Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

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