SOURCE: Tekoil & Gas Corporation

May 29, 2007 09:30 ET

Tekoil Successfully Completes First Work-Over

THE WOODLANDS, TX--(Marketwire - May 29, 2007) - Tekoil & Gas Corporation (the "Company") (PINKSHEETS: TKGN) announced today that the Company has executed its first recompletion of an oil-producing zone in well 18, located at its North Point Bolivar field.

The well tested at flow rates as high as 888 Bopd (barrels of oil per day), and 164,000 scf (standard cubic feet of gas per day) on a 20/64ths choke, with an FTP (flowing tubing pressure) of 450 psi (pounds per square inch). The well is currently producing no water or sediment, and is producing on a 13/64ths choke with flow rates of approximately 380 Bopd and 84,000 scf per day, and an FTP of 400 psi.

Mark Western, Chairman of the Company, stated: "Having completed our first work-over with a very successful result, we are looking forward to continued success as we move forward with our development plans. We will continue with the current work-over program as we begin a fully intergrated, 3D field study, over a 70 square mile area of our Red Fish Reef field."

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 stak.eholders, 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.

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