SOURCE: Ethanoil and Gas Corp.

November 16, 2007 18:37 ET

Ethanoil Provides Update on Name Change and Dividend

LAS VEGAS, NV--(Marketwire - November 16, 2007) - Ethanoil and Gas Corp. (PINKSHEETS: EGCP) today advises shareholders that the company's name change to symPowerco Corp and the issuance of the previously announced dividend shares have been slightly delayed due to the various processes involved. The company previously announced that the name, symbol and CUSIP number changes would be completed by November 16, 2007. The company also previously announced that all shareholders of record as of a certain date will be issued a dividend of 10% payable in shares of the company.

As of November 16, 2007 the company has not determined the "Date of Record" for shareholder qualification for the dividend. As soon as the "Date of Record" is established the company will announce the date in a press release and will place directions for shareholders to complete the share exchange on the company's website. The instructions will not be placed on the website until all details of the name change and dividend issuance are finalized and announced.

Stated company President, John Davenport, "The name change is taking a little longer than we hoped but we expect it to be completed in the next very few days. We thank our shareholders for their patience and we look forward to an exciting future under our new symPowerco banner."

Ethanoil and Gas Corporation (EGCP) is an independent energy company focused on 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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