Tekoil lands Newfoundland exploration license

Tekoil & Gas Corp. has received approval from the Newfoundland and Labrador Department of Natural Resources (DNR), for an exploration license covering 244 sq km (94 sq mi) over the Port au Port peninsula in western Newfoundland.

Offshore staff

THE WOODLANDS, Texas -- Tekoil & Gas Corp. has received approval from the Newfoundland and Labrador Department of Natural Resources (DNR), for an exploration license covering 244 sq km (94 sq mi) over the Port au Port peninsula in western Newfoundland. The company intends to carry out a high-density transition zone 3D seismic survey, which will extend over land and into 50 ft (15 m) of water along the peninsula's entire west coast.

In addition to approval of its exploration license, Tekoil has received clearance from further Environmental Assessment from both the DNR and the Canada-Newfoundland and Labrador Offshore Petroleum Board.

"We are pleased to be able to report that we have accomplished this major milestone. This was a rigorous two-year environmental and technical approvals process; we can now look forward to further establishing our exploration operations in the region," says Mark Western, Tekoil chairman & CEO.

9/10/2007

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