Tekoil & Gas Corporation Announces Completion of the Development, Drilling and Production Plans for its $100 Million Eastern Canadian Project Tuesday September 20, 8:30 am ET
THE WOODLANDS, Texas, Sept. 20, 2005 (PRIMEZONE) -- Tekoil & Gas Corporation (Other OTC:TKGC.PK - News), an oil and gas exploration and production company, is pleased to announce that it has completed extensive engineering planning for the first of three prospects in its Eastern Canadian Production Development. This includes a detailed $8.8 million Seismic Program, a comprehensive Production Development Plan, a complex Drilling Plan (including gas-cycling), and an Electricity Generation Plan for 25 mega watts of electricity, which will supply the local grid.
Mark Western, Tekoil's Chairman & CEO stated, ``Our engineering team led by Fekete Associates, Inc. (http://www.fekete.com), have done an outstanding job during the past two months and have produced a world-class plan for our first prospect. Having completed a PVT compositional analysis, we realized from the outset that this development would be multi-faceted, with an opportunity to use gas-cycling to dramatically increase liquids recovery from the reservoir.''
Mr. Western went on to say, ``The first prospect contains three target structures that contain millions of barrels of propane, butane and 49 degrees API, high quality sweet crude. By utilizing industry standard formulae, the oil recovery from the first prospect is conservatively estimated to be in excess of 25 million barrels. The compositional analysis also indicates that the prospect has Raw Gas (C1, C2 and inert), Methane and Ethane recoverable potential in excess of 100 Billion cubic feet. Based upon this knowledge, the long term development potential for this field is outstanding.''
By utilizing a conservative figure of $35 per BOE (barrel of oil equivalent), management anticipates that the project will become self funding during 2008, and with 7 wells completed, will produce revenues in excess of $120 million during the same year. By 2010, with 13 wells completed management anticipates that the project will produce revenues in excess of $250 million.
The company has already identified an investment fund that has pledged $80 million for the projects long term development, and is currently negotiating with several financial partners for the initial development capital of $20 million. A project and reserve summary, and an introduction to Tekoil's engineering team can be found under ``Operations'' on the company's website at http://www.tekoil.com.
About Tekoil & Gas Corporation:
Houston-based Tekoil & Gas Corporation, 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 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 and its 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 management as at the date hereof and actual results may vary based upon future events, both within and without the control of Tekoil 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
Source: Tekoil & Gas Corporation
Posts: 4337 | Registered: Dec 2003
| IP: Logged |
posted
TKGC -- Tekoil & Gas Corp. Com ($0.000000001)
Address: 25050 I-45 North Suite 525 The Woodlands, TX 77380 USA
Phone: 281-364-6950 Fax: 281-364-8007
Business Description: Oil and Gas Exploration and Development
State of Incorporation: DE Year of Incorporation 2002
Officers: Mark S. Western, Chairman, Pres, & CEO; Frank Clear, Dir. & COO; Gerald Goodman, Dir. & CFO; Richard Creitzman, Dir.; Eric Ottens, Executive VP
Fiscal Year End: April 30
Edgar Filing Status: Non EDGAR Filer
Outstanding Shares: 772,200,000 as of 2005-07-22
Estimated Market Cap: 6.949M as of 2005-10-03 (based on Outstanding Shares as of 2005-07-22) Authorized Shares: 800,000,000 as of 2005-07-20 Float: 71,120,000 as of 2005-04-30 Number of Shareholders of Record: 348 as of
Current Capital Change:
Dividends:
Company Notes: Formerly=Glow Bench Systems International, Inc. until 12-04 Formerly=Pexcon, Inc. until 7-05
Transfer Agent: Holladay Stock Transfer, Scottsdale, AZ 85251
Posts: 1533 | From: jacksonville, nc, usa | Registered: Dec 2004
| IP: Logged |
Next PR should be some kinda update on their progress hopefully VERY VERY good
Posts: 1533 | From: jacksonville, nc, usa | Registered: Dec 2004
| IP: Logged |
posted
I agree this could be the next PAPO/AMEP but where is the volume? Or better yet, where will it come from?
Posts: 647 | Registered: Jul 2005
| IP: Logged |
I don't know short-tern results, but I can bet that the next 6 months tkgc will be trading much higher than the current price. Due to rising demand for oil and gas, MoMo players and wise investors and other factors. Why not buy some now before the mob. imho
posted
It appears that TKGC is going to potentially explode soon... this definiatly appears to be the calm before the storm. With the way this corp has been moving ahead in the industry and recent large contracts etc.... this is the next PAPO or AMEP or possibly even larger.... At .01... this is a steal im thinking.... waiting for larger volumes however... those will come soon!!
Posts: 181 | From: Alberta, Canada | Registered: Oct 2005
| IP: Logged |
posted
Im thinking and hoping that this explosion that is waiting to happen will happen in the much shorter term.... shes been sitting at the bottom long enough..... Looking at the history charts.... this beast was up at 10 cents and hung around 6-7 cents for a number of days...... When she blows..... im going to retire!!!!... Im dumping thousands more into this beast tomorrow...
Posts: 181 | From: Alberta, Canada | Registered: Oct 2005
| IP: Logged |
posted
CORRECTION TO LAST STATEMENT...... It was * 6-7 CENTS FOR A COUPLE OF MONTHS...... All I see is Green!!!!!!
Posts: 181 | From: Alberta, Canada | Registered: Oct 2005
| IP: Logged |
posted
Jumping up and down between 0.005 and 0.01 is kinda strange, isn't it? I mean, that's a huge jump percentage-wise.... does it mean that, due to the low volume, people are having trouble selling between 0.006-0.01, so some poor chump occasionally gives up and sells at 0.005? Or is there more going on here that I'm not seeing? Has anyone here actually got good buy at 0.005?
Other than that, I'd like to get in on TKGC at 0.005 (if possible) or even higher (if needed), as I like what I've seen so far while looking into the company ... but I can't afford to have funds tied up for six months right now... I wonder what our chances are that this might swing up in the next few weeks, even a tick or two? Seems like the cold of this winter could drive this one up really soon... But the drops to 0.005 are scary....
Posts: 249 | From: NYC | Registered: Sep 2005
| IP: Logged |
posted
TKGC UP 100% FROM YESTERDAY.... HA HAHA HAH AHHAA JUST DOUBLED MY MONEY... IM HOLDING ON THOUGH AS ITS EXPECTED TO HIT 4-5 CENTS IN THE NEXT SHORT WHILE..... YIPPEEE KAIYAI MO FO!!!!
Posts: 181 | From: Alberta, Canada | Registered: Oct 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
