Tekoil Now on OTC Bulletin Board

Tekoil & Gas Corporation (Other OTC:TKGN.PK) announced that its common stock, $0.000001 par value, will now be quoted on the OTC Bulletin Board, effective July 24, 2007, under the symbol "TKGN." The Company's Common Stock has previously been quoted on the Pink Sheets.

Our move to the OTC Bulletin Board represents an integral part of our growth strategy," noted Mark S. Western, President and Chief Executive Officer of the Company. "We believe that being quoted on the OTC Bulletin Board will bring Tekoil to the attention of a much larger audience of potential investors, while enhancing the trading liquidity of our Common Stock."

ACAP Financial, Inc., filed a Form 15c2-11 with the National Association of Securities Dealers (NASD), and the NASD has cleared the request for an unpriced quotation. In order to enter a priced quotation, ACAP Financial, Inc., must first file a supplemental Form 211 with the NASD, setting forth the basis for its priced quotation. The OTC Bulletin Board® is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in over-the-counter equity securities.

In addition, the Company announced that its registration statement on Form SB-2/A had been declared effective by the U.S. Securities and Exchange Commission as of July 17, 2007, permitting sales by the "Selling Shareholders," defined therein, of their restricted shares of Common Stock, as well as the shares of Common Stock into which their shares of Series A Convertible Preferred Stock may be converted.

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.