Tekoil's CEO Outlines Plans for Company's Growth
Chairman and CEO, Mark S. Western, offered the following regarding the company's plans for building long term shareholder value:
"Our management team is now positioned to build a long term business with significant long term value. We have only recently added Richard Creitzman to the Tekoil team, and his experience as the Head of Corporate Finance for Russian oil giant Sibneft will no doubt prove invaluable. Richard secured more that $900 million in unsecured finance, and over $2 billion in secured finance during his three-year tenure with the company, and he also helped to increase shareholder value by more than 250%.
"As a small company it is often difficult to attract people of Richard’s caliber, but we have done just that, and have already begun to see the results. We are obviously going to leverage Richard’s experience and are taking calculated steps to secure the company‘s long term future. We have recently completed Tekoil’s capital restructuring and are now preparing for audits to move the company to the OTC:BB during the first quarter of 2006.
"With the cutting-edge technology available in today’s market, we plan to maximize yields, maximize total recovery, and maximize the economic value of our assets. Concerning Canada, we are using a small but specialized and highly skilled team of geologists, geophysicists, reservoir engineers and developers. We have a world-class Development Plan, and upon completion of our 3D Seismic and 'next step technology' inversion program, we expect to have our first production well completed by the end of 2006. By that time we will have already established Tekoil as a solid Company, with a strong share price and a compelling upside for investors.
"Moving forward, we believe that Tekoil and its shareholders will reap huge rewards as we further develop prospect one, which we expect to be producing 20,000-plus barrels of oil per day by 2009. When considering the 400,000,000-plus barrel potential of prospects two and three, we have every reason to believe that Tekoil will become a multi-billion dollar market cap company.
"Finally, our management team believes that if you focus
on building a strong business, everything else including the
stock price will take care of itself. We wish you well in your
investment choices, and hope that your financial objectives
are suited to our long term plans for success.”
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