SOURCE: Tekoil & Gas Corporation

June 05, 2007 08:30 ET

Tekoil Appoints New Executive Vice President

THE WOODLANDS, TEXAS--(Marketwire - June 5, 2007) - Tekoil & Gas Corporation (the "Company") (PINKSHEETS: TKGN) is pleased to announce the appointment of Mr. Michael Vosbein, as the Company's new Executive Vice President, effective June 01, 2007. Mr. Eric Ottens will be taking an early retirement on July 01, 2007, due to personal health reasons.

Mr. Vosbein is a highly experienced geophysicist/geoscientist of 36 years, who has multi-tasked in performing both technical and managerial roles in numerous countries across the world.

In 1971 Mike joined Amoco and helped develop their Louisiana Offshore exploratory acreage as well as their Michigan Basin Program and New Mexico Morrow Play. In 1973 he joined Trans Ocean Oil Company, and in 1981 when they were acquired by Mobil Oil, Mike was recruited by Pan Canadian for E&P operations in Texas, Louisiana, and Mississippi, including offshore.

In 1989 Mike co-founded Aran Energy Corporation. The company was a producing operator in the Gulf of Mexico and the Gulf Coast. Mike was instrumental in successfully completing a horizontal drilling program in the offshore, which consisted of 5 wells in unconsolidated sediment and he also implemented an exclusive 3D seismic program to enhance the producing properties. The Company was sold to Statoil, and in 1995 through 1996 Mike was employed by Global Marine Corporation for new projects and evaluated and negotiated their participation in projects in Angola, Benin and Nigeria.

In 1996 Mike joined Halliburton in their Integrated Solutions group and had various duties in Jakarta and Kuala Lumpur, and in 1997 he managed Halliburton's technical assessment and development of 3 fields in South Sumatra. In 2001, Mike moved to Halliburton's Houston office and evaluated projects in Indonesia, Egypt, Algeria, Venezuela, Argentina, South Texas, Texas and Louisiana Gulf Coast.

In 2002 Mike began consulting, evaluating distressed companies on behalf of credit committees, for the purpose of debt repayment. This encompassed asset assessment, work station seismic and geological mapping, reservoir quantification, economics, and contract negotiations. For 4 years he worked on projects in the USA, UAE, Newfoundland, Colombia, Trinidad and Algeria.

In 2006 Mike moved to Gaffney-Cline, where during the past 18 months he has evaluated projects in Alaska, offshore Brazil, Colombia, Peru, and deep water Gulf of Mexico.

Mike graduated in 1969 with a BSC in Geophysics/Geology from Louisiana State University. From 1969 to 1971 Mike attended the University of Missouri at Columbia for graduate studies. Mike is bilingual in English and Spanish and has minor fluency in Bahasa Indonesian. He is a member of the American Association of Petroleum Geologist, Houston Geological Society, Society of Exploration Geophysicist, and formerly sat on the LSUNO Advisory Board. Mike holds Texas State Geophysical License 5724 and AAPG DPA CPG 3361.

Mark Western, the Company's CEO, stated: "Michael is a unique individual who has traversed the globe in oil and gas exploration and development. He is especially suited to Tekoil because of his experience in pioneering the utilization of 3D seismic for development work, he is very familiar with our properties in Galveston Bay Texas, and he also has a unique knowledge and intimate understanding of the challenges we face with our exploration efforts in western Newfoundland."

Mr. Western went onto say: "Mr. Eric Ottens has been an extremely productive and loyal part of our executive team during the past two years, and he will be sorely missed. Everyone at Tekoil wishes him the very best during his retirement."

About Tekoil & Gas Corporation:

Houston-based Tekoil & Gas Corporation is a technology-driven company focused on the development, acquisition, stimulation, rehabilitation and asset improvement of small to medium-sized oil and gas fields. 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 Tekoil website at www.tekoil.com and through further press releases as Tekoil's plans 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 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 expenditure requirements, competition, governmental regulations and other factors, some of which are set forth in Part I, Item 2, of Tekoil's registration statement on Form 10-SB.

Contact Information