Tekoil Gets Go-Ahead to Expand Newfoundland Seismic

Tekoil & Gas Corp. said that its application for a geographic expansion of its original 3D seismic survey program around the Port au Port Peninsula and Port au Port Bay in western Newfoundland, has been increased from approximately 240 sq km to approximately 500 sq km and released from further environmental assessment by the Newfoundland and Labrador Department of Environment and Conservation. Tekoil is in the final stages with the Canada-Newfoundland and Labrador Offshore Petroleum Board to complete its approvals for the offshore component of the program.

Tekoil is presently focused on its Galveston Texas acquisition, and establishing its rig fabrication center in Stephenville, Newfoundland, with the anticipation of construction work beginning as early as the first quarter of 2007.

Tekoil's Chairman & CEO stated, "The approval from the Department of Environment & Conservation is a major step forward in our efforts to establish the company's operations in western Newfoundland, and we are delighted to be making steady progress". Mr. Western went on to say, "This has been a long process that has required a serious commitment of financial and human resources on our part, but Tekoil believes in the potential of western Newfoundland, and has long term plans for its future in the province".

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.

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