SOURCE: Ethanoil and Gas Corp.

November 01, 2007 09:00 ET

Ethanoil to Declare Dividend, Change Name, CUSIP

LAS VEGAS, NV--(Marketwire - November 1, 2007) - Ethanoil and Gas Corporation (PINKSHEETS: EGCP) today announces that it will change its name to Sympowerco Corp., a name that more accurately reflects the company's business plans. As part of the name change, the Company will also be changing its symbol and CUSIP number.

Concurrent with the name change, the Company will declare a 10% dividend to all Ethanoil shareholders. The dividend will be payable in common shares of the company. A mandatory exchange of EGCP common shares will commence by November 16, 2007 and shareholders will have 30 days from that date to complete the exchange and receive their 10% common share dividend. Directions for shareholders to complete the exchange will be posted on the company's website.

Company President, John Davenport, stated, "Our new name, Sympowerco Corp., will capture the essence of all of our corporate and operational objectives. We are committed to the development and international exposure of fuel cell technologies and we are certain that a corporate re-branding under our new name will be advantageous to our efforts."

Ethanoil and Gas Corporation (EGCP) is an independent energy company focused on the development of conventional and alternative energy assets and 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.

Safe Harbor Statement:

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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