Texas Gas & Oil Inc.

March 27, 2008 17:35 ET

Texas Gas & Oil Inc. Private Placement of $338,173.50

BURNABY, BRITISH COLUMBIA--(Marketwire - March 27, 2008) - Gerry Gill, Chairman and CEO of Texas Gas & Oil Inc. (TSX VENTURE:TXG) announces that the Company is raising gross proceeds of $338,173.50 by way of a non-brokered private placement of 225,449 common shares. These shares will be sold concurrent with the closing of the Reverse Take Over with Legend Power Systems Inc. which is subject to final approval by the TSX Venture Exchange.

The subscription proceeds will be advanced to Legend Power Systems Inc. to provide that company with the working capital required to continue with its business plan.

The private placement is subject to acceptance for filing by the TSX Venture Exchange.

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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