Tekoil Acquires 3D Seismic, Implements Fully Integrated Field Study

Tekoil & Gas Corp. has purchased the first 70 square miles of 3D seismic data over its Red Fish Reef, Fishers Reef, North Point Bolivar and Trinity Bay fields in Galveston Bay, Texas, and has engaged the services of Fusion Petroleum Technologies, Inc. of Houston, Texas, and Norman, Okla., to complete a fully integrated field study.

Fusion has assembled a team of recognized global experts in geophysics, geology and reservoir engineering. Dr. Alan R. Huffman and Dr. John P. Castagna are two of the world's leading authorities in geophysical interpretation and analysis for reservoir characterization, and are considered by many as the world's best in fully integrated field studies.

Mark Western, Tekoil's CEO, stated: "This type of 3D integrated interpretation work has never been done before on these producing fields in Galveston Bay, and we want to make certain that we have a complete understanding of the geologic and reservoir characteristics before additional development work begins.

"We are continuing with our work-over program and have recently brought in a second work-over rig to accelerate our efforts, but will not begin drilling our proved undeveloped reserves (PUDs) until the field study is complete. We are very excited about the upside potential of these fields and the senior expertise and leading edge technology that Fusion brings as part of our technology before the drill-bit approach."

The first phase of the 3D seismic analysis and integrated field study represents a $1.5 million investment by Tekoil, and the Company is planning to begin PUD drilling during the first quarter of 2008.

Houston-based Tekoil & Gas Corp. 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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