Topic: PEXCON, Inc. Signs Letter of Intent to Acquire Tekoil & Gas Corporation
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EXCON, Inc. Signs Letter of Intent to Acquire Tekoil & Gas Corporation
Combined Entity Would Significantly Increase Shareholder Value
THE WOODLANDS, Texas, May 24, 2005 (PRIMEZONE via COMTEX) -- PEXCON, Inc. (Pink Sheets:PXCN), an oil and gas exploration and development company, is pleased to announce that the Company has signed a letter of intent to acquire the operations of Orlando based Tekoil & Gas Corporation. Tekoil is a private technology company focused on developing unique and proprietary products and processes to service the global oil and gas industry.
According to the Department of Energy (DOE), the United States currently has 457,000 marginal wells - defined as a well that produces 15 barrels a day or less. These wells collectively represent 1.2M barrels per day of annual production, and account for nearly 20 percent of the total oil production in the United States; this is roughly the same amount we import from Saudi Arabia. Since 1993, America's well producers have plugged and abandoned approximately 150,000 marginal wells and 150M barrels of crude oil. This was often done when world oil prices were depressed and it would cost producers more to run a marginal well than they'd recover in revenue. The result was a loss of over $3.5B in economic output for the US and over $500M in lost earnings for US producers.
PEXCON, through the acquisition of Tekoil, is now poised to enter a billion dollar market for acquisition, stimulation, rehabilitation, and asset improvement of small to medium-sized oil and gas fields and marginal wells throughout North America, with plans to expand internationally. The company will still be engaged in acquiring working interests in oil and gas projects, but will also possess proprietary and unique technologies to increase yield and total recovery of oil and gas reserves. Tekoil has provided PEXCON management with their earnings projections as follows:
Upon closing of this acquisition, PEXCON will change its name to Tekoil & Gas Corporation to better reflect the core focus of the combined company. The company expects the acquisition to close within (45) calendar days. The acquisition is subject to due diligence, agreement of financial terms, and attorney review.
SOURCE: PEXCON, Inc.
By Staff
CONTACT: PEXCON, Inc. Peter McGoldrick 516-825-6516 516-825-2254 - Fax
(C) 2005 PRIMEZONE, All rights reserved.
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SUBJECT CODE: ACQUISITIONS OIL Mergers and Acquisitions
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PXCN
The next 45 days could be big for PXCN.
PEXCON, through the acquisition of Tekoil, is now poised to enter a billion dollar market for acquisition, stimulation, rehabilitation, and asset improvement of small to medium-sized oil and gas fields and marginal wells throughout North America, with plans to expand internationally. The company will still be engaged in acquiring working interests in oil and gas projects, but will also possess proprietary and unique technologies to increase yield and total recovery of oil and gas reserves. Tekoil has provided PEXCON management with their earnings projections as follows:
Upon closing of this acquisition, PEXCON will change its name to Tekoil & Gas Corporation to better reflect the core focus of the combined company. The company expects the acquisition to close within (45) calendar days. The acquisition is subject to due diligence, agreement of financial terms, and attorney review.
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Oil hits three-week high High fuel demand expected during summer season pushes crude over $52, strong dollar caps gains. June 1, 2005: 5:49 AM EDT Special Report +full coverage Oil Crunch Oil prices ease A Web path to cheapest gas Oil steady at $51
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Press Release Source: PEXCON, Inc.
Tekoil & Gas Corporation/PEXCON, Inc. Announces Acquisition Update Friday June 17, 9:15 am ET
THE WOODLANDS, Texas, June 17, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation/PEXCON, Inc. (Other OTC:PXCN.PK - News), an oil and gas exploration and production company, is pleased to announce that Mark Western, Chairman & CEO of Tekoil & Gas Corporation has been appointed Chairman & CEO of PEXCON, Inc. Mr. Western brings 15 years of global E&P experience to PEXCON, and will be leading a highly experienced oil and gas team, focused on the acquisition and development of oil and gas well assets throughout North America. The merger is being completed by Tekoil's legal counsel, and the company is preparing to list PEXCON on the Nasdaq OTC:BB.
ADVERTISEMENT As part of the acquisition, PEXCON, Inc. will change its name to Tekoil & Gas Corporation. The current shareholders of Tekoil will receive restricted shares of PEXCON equal to 83% of the outstanding shares, in exchange for transferring 100% of the shares of Tekoil to PEXCON. Gerald Dunne, the former Chairman of PEXCON, will also receive an additional 7% of the issued and outstanding shares and become a consultant to the company. The appointments of additional board members and Tekoil's executive management team will be announced during the next two weeks. Tekoil is in discussions with several oil and gas acquisition targets, and will issue press releases once formal contracts have been approved by the newly appointed Board of Directors. The company is also engaged in negotiations with an institutional investor concerning a large equity investment, and both parties are engaged in the due diligence process.
About Tekoil & Gas Corporation/PEXCON, Inc.:
Houston based Tekoil & Gas Corporation/PEXCON, Inc., is a technology driven, oil and gas exploration and Production Company that utilizes advanced production technologies. The company is focused on the development, acquisition, stimulation, rehabilitation, and asset improvement of small to medium-sized oil and gas fields throughout the North American Continent. 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. Additional news and information will be made available on the new Tekoil website at http://www.tekoil.com, and through further press releases as acquisitions and development projects are executed.
Forward-Looking Statements:
This news release may contain certain forward-looking statements, including declarations regarding Tekoil/PEXCON and its/their subsidiaries' expectations, intentions, strategies and beliefs regarding the future within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements contained herein are based upon information available to Tekoil/PEXCON management as at the date hereof and actual results may vary based upon future events, both within and without the control of Tekoil/PEXCON's management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that additional acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, governmental regulations and other factors.
Contact:
Tekoil & Gas Corporation Mr. Eric Ottens, COO elect erico@tekoil.com
Tekoil & Gas Corporation/PEXCON, Inc. Announces Key Executive Appointments Tuesday June 21, 9:15 am ET
THE WOODLANDS, Texas, June 21, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation/PEXCON, Inc. (Other OTC:PXCN.PK - News), an oil and gas exploration and production company, is pleased to announce the appointment of three Key Executives.
ADVERTISEMENT Mr. Frank Clear has been appointed Director, President and COO. Mr. Clear was born and educated in Southern Africa. During the first 15 years of his career, he was employed in the Banking sector with Barclays Bank, mainly in commercial banking and then in corporate and international finance. During the high-tech boom of the mid 1980s, he co-founded what became one of the largest PC manufacturing plants and distributorships in South Africa. In 1989, Mr. Clear successfully sold his company and ventured into consulting.
He has been fortunate to work and travel extensively across the Globe and has built up a strong base of international business and political contacts. He has worked with Trading Companies involved with the oil and gas industry in Africa, and with The Corporate Council of Africa (CCA). Founded in 1993, CCA has been the leading American non-profit, tax-exempt organization dedicated to enhancing trade and investment ties between the United States and the 53 countries of Africa. The American companies that make up the CCA represent nearly 85 percent of all U.S. private sector investment in Africa. A large percentage of these are the ``major'' oil and gas companies. Mr. Clear has also worked with The World Bank and US Aid on several projects.
Mr. Gerald Goodman has been appointed Director and CFO. Gerald is a partner in the Certified Public Accounting firm of Wiener, Goodman & Company, P.C. The regional firm located in Eatontown, NJ also has offices in New York and Pennsylvania. Gerald has vast experience in public accounting and was the natural choice for CFO and advisor to the Audit Committee. Gerald provides audit, tax and management advisory services to his clients, and is the partner-in-charge of the SEC Practice Section of the firm. A major part of his client base is international, with clients in Hong Kong, United Kingdom, France, Germany and the CIS.
According to Gerald, ``The many tax issues created by exploration and production in different parts of the world and its effect on the taxability in the United States, makes assisting Tekoil in the financial area of the company as a director an exciting opportunity. I welcome the challenge to assist Tekoil in planning its financial structure to carry it through the year 2005 and beyond.'' Gerald received a Bachelor of Science degree in accounting from Penn State in 1970. In 1983, he became a member of the American Institute of Certified Public Accountants.
Mr. Eric Ottens has been appointed as Executive Vice President and brings 7 years of international oil and gas experience to the company. Mr. Ottens worked five years as Finance Manager for a division of Baker Hughes International in Rio de Janeiro, and lived two years in Brazil working for a local oil and gas consulting company. For a period of four years he was also the Regional Controller for Marriott Corporation in San Juan, Puerto Rico, and spent five years as the Managing Director for Global Telecom Network. Mr. Ottens is fluent in Portuguese and Spanish and graduated in 1978 from the University of Maryland with a degree in Finance and Accounting.
About Tekoil & Gas Corporation/PEXCON, Inc:
Houston based Tekoil & Gas Corporation/PEXCON, Inc., is a technology driven, oil and gas exploration and Production Company that utilizes advanced production technologies. The company is focused on the development, acquisition, stimulation, rehabilitation, and asset improvement of small to medium-sized oil and gas fields throughout the North American Continent. 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. Additional news and information will be made available on the new Tekoil website at http://www.tekoil.com, and through further press releases as acquisitions and development projects are executed.
Forward-Looking Statements:
This news release may contain certain forward-looking statements, including declarations regarding Tekoil/PEXCON and its/their subsidiaries' expectations, intentions, strategies and beliefs regarding the future within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements contained herein are based upon information available to Tekoil/PEXCON management as at the date hereof and actual results may vary based upon future events, both within and without the control of Tekoil/PEXCON's management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that additional acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, governmental regulations and other factors.
Contact:
Tekoil & Gas Corporation/PEXCON, Inc. Mr. Eric Ottens, Executive VP, Tekoil & Gas Corporation erico@tekoil.com
Tekoil & Gas Corporation/PEXCON, Inc. Announces Monthly Shareholders Conference Call Wednesday June 22, 9:15 am ET
THE WOODLANDS, Texas, June 22, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation/PEXCON, Inc. (Other OTC:PXCN.PK - News), an oil and gas exploration and production company, is pleased to announce the launch of its Monthly Shareholders Conference Call.
ADVERTISEMENT The company will hold monthly shareholders conference calls on the first Monday of each month at 7.00 p.m. EST. Conference calls will last for up to 45 minutes and will commence on Monday August 1, 2005.
Investors will have the opportunity to listen to development and acquisition updates, corporate updates, strategic developments and future plans from Tekoil's executive management team. Each call will also include an open line question and answer session, where shareholders will have the opportunity to communicate directly with key executives to get their questions answered.
According to Frank Clear, Tekoil's President and COO, ``These conference calls have been designed to keep shareholders informed and to create shareholder confidence in the company's long-term future. Tekoil has a number of significant opportunities, and has a long-term vision. We believe this company has a very bright future and we feel it is important for our shareholders to understand that, and to know who we are.''
Shareholders will be able to access a password for each call under ``Investor Relations'' at the company's Web site http://www.tekoil.com.
About Tekoil & Gas Corporation/PEXCON, Inc.
Houston-based Tekoil & Gas Corporation/PEXCON, Inc., is a technology driven, oil and gas exploration and production company that utilizes advanced production technologies. The company is focused on the development, acquisition, stimulation, rehabilitation, and asset improvement of small to medium-sized oil and gas fields throughout the North American continent. 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. Additional news and information will be made available on the new Tekoil Web site at http://www.tekoil.com, and through further press releases as acquisitions and development projects are executed.
Forward-Looking Statements:
This news release may contain certain forward-looking statements, including declarations regarding Tekoil/PEXCON and its/their subsidiaries' expectations, intentions, strategies and beliefs regarding the future within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements contained herein are based upon information available to Tekoil/PEXCON management as at the date hereof and actual results may vary based upon future events, both within and without the control of Tekoil/PEXCON's management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that additional acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, governmental regulations and other factors.
Contact:
Tekoil & Gas Corporation Mr. Eric Ottens, Executive VP erico@tekoil.com
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