Texas Gas & Oil Inc.
TSX VENTURE : TXG

October 09, 2007 13:20 ET

Texas Gas & Oil Inc.: Legend Power Systems Inc. Acquires Intellectual Property

BURNABY, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2007) - Gerry Gill, Chairman and CEO of Texas Gas & Oil Inc. (TSX VENTURE:TXG) announces that further to the Company's press release of June 27, 2007, Legend Power Systems Inc. (LPSI), the Company's RTO target, has completed and paid for the acquisition of the patents to its product the Harmonizer plus repatriating 50% of its issued shares.

(1) ASSETS PURCHASED

1,000 shares of a British Virgin Island Company related to the Vendor that owns 50% of the LPSI issued shares

The Three Phase Patents

(2) CONSIDERATION

$7,800 HK$ for the 1,000 shares of the British Virgin Island Company

$11,992,200 HK$ for the Three Phase Patents

This release and referenced materials contain forward looking statements, within the meaning of the "safe harbour" provisions of the Private Securities Act of 1995, which are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause actual results to differ materially include: rapid technological and/or market changes in the industry including actual electrical billing rates; the adequate protection of the Company's proprietary rights; and other factors described in the Company's regulatory filings. Although we believe the expectations reflected in our forward looking statements are reasonable, individual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

On Behalf of the Board of Directors,

Gerry Gill, Chairman & Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.

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