SOURCE: Tekoil & Gas Corporation

July 07, 2006 08:30 ET

Tekoil Announces Filing of Form 10-SB

THE WOODLANDS, TX -- (MARKET WIRE) -- July 7, 2006 -- Tekoil & Gas Corporation (PINKSHEETS: TKGN) is pleased to announce that it has filed a registration statement on Form 10-SB. The filing was submitted to the SEC on July 5, 2006, and is subject to review and comment by the SEC prior to becoming effective.

Tekoil Chairman and CEO, Mark Western, said: "We are thrilled to have finally reached our goal of filing to become a fully reporting public company. Once approved, this filing should provide the company with more diverse mechanisms for raising capital, and should enable the company to establish an environment through which individual investors will gain greater confidence. Tekoil has moved forward with specific intent and direction regarding its operations and the filing of its Form 10-SB, and has every confidence in its commitment to building shareholder value by establishing a strong foothold through its operations in Newfoundland."

The Form 10-SB filing is downloadable from the SEC website at:

http://www.sec.gov/Archives/edgar/data/1368154/000119312506141870/0001193125-06-141870-index.htm

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.

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