OTC Bulletin Board S & P Company Insight for TEKOIL & GAS NEW
Profile
	Business Summary: Tekoil & Gas Corporation, together with its subsidiaries, engages in the acquisition, stimulation, rehabilitation, and asset improvement of small to medium sized oil and gas properties in North America.   Address   25050 I-45 North   Suite 528   The Woodlands , TX 77380   Phone: 281-364-6950   Website: http://www.tekoil.com Auditor   Madsen & Associates Transfer Agent   Holladay Stock Transfer, Inc. Employees:  6 ShareHolders:  53 Founded:  2002 Domicile:  Delaware
Background
	Tekoil & Gas Corporation, together with its subsidiaries, engages in the acquisition, stimulation, rehabilitation, and asset improvement of small to medium sized oil and gas properties in North America. It owns interests in four oil and gas properties, including the Trinity Bay, Redfish Reef, Fishers Reef, and North Point Bolivar fields located in Galveston Bay, Texas. The company was founded in 2004 and is based in The Woodlands, Texas. On June 10, 2008, Tekoil & Gas Corporation filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. History:  INCORPORATED in Delaware Jan. 2, 2002, as Trailridge Holdings, Inc.; name changed to Glow Bench Systems International, Inc. Apr. 6, 2004, to Pexcon, Inc. Dec. 14, 2004, and to Tekoil & Gas Corp. June 29, 2005. June 27, 2005, acquired Tekoil & Gas Corp., a Florida corporation (Tekoil-Florida). In the acquisition, the shareholders of Tekoil-Florida received 694,980,000 Common shares of the company in exchange for the outstanding Common shares of Tekoil-Florida held by them. In connection with the acquisition agreement, the company acquired the assets and assumed the liabilities of Tekoil-Florida, which became a wholly owned subsidiary of the company. Tekoil-Florida was incorporated in 2004.   Subsidiaries: Tekoil Rig Development Corporation     Capital Expenditures, thousand. US Dollars   Year   Amount   2006   476   2005   8
Management
	Management Officers Position  Mark S. Western Chairman, President & Chief Executive Officer  Francis G. Clear Chief Operating Officer  Gerald  Goodman Treasurer & Chief Financial Officer  Eric  Ottens Exec VP  Donna  Parsons VP Directors  Francis G. Clear  Richard  Creitzman  Gerald  Goodman  Mark S. Western
Annual Report
	Annual Report   Income Statement   2007 2006 Revenues: Oil sales $4,195,108 $- Gas sales 2,517,383 - Transportation income 577,170 - Total revenues 7,289,661 - Less: Production taxes 276,095 - Net revenues 7,013,566 - Cost and expenses: Leasehold operating expenses (including workover costs) 7,164,572 - Selling, general and administrative expenses 5,725,339 2,502,210 Depreciation, depletion and amortization 3,177,986 24,086 Compensatory element of common stock issurance 6,044,700 420,750 * 22,112,597 2,947,046 Loss from operations (15,099,031) (2,947,046) Other income (expense): Other income 12,490 - Interest income 160,954 - Interest expense (4,942,352) (9,480) Provision for price risk market activity (2,157,404) - Loss on investment - (10,000) * (6,926,312) (19,480) Loss before minority interest (22,025,343) (2,966,526) Minority interest share of (loss) of consolidated subsidiary 2,559,354 - Loss before provision for income taxes (19,465,989) (2,966,526) Provision for income taxes - - Net loss $(19,465,989) $(2,966,526) Loss per common share - basic and diluted $(0.42) $(0.16) Weighted average number of common shares outstanding - basic and diluted 46,894,717 18,276,098 See notes to consolidated financial statements. Operating Income As Calculated Depr. and Amort. Fixed Charges Coverage: Available for Fixed Charges Gross Fixed Charges Fixed Charges Times Earnings Fixed Charges Coverages and Preferred Dividends Times Earnings Capital Expenditures Research & Development Expenditures   Balance Sheet   2007 2006 ASSETS Current Assets: Cash $3,070,834 $294,021 Marketable securities - restricted 6,527,419 - Accounts receivable 1,974,277 - Inventory 25,103 - Prepaid expenses 710,837 53,475 Total Current Assets 12,308,470 347,496 Property and Equipment - net: Oil and gas mineral interests, equipment and facilities 54,182,021 458,871 (full cost method of accounting) Other assets - 1,004,394 TOTAL ASSETS $66,490,491 $1,810,761 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $4,293,831 $- Accrued expenses 2,115,826 362,147 Royalties payable 570,230 - Notes payable - related parties 432,000 50,000 Current portion of long-term debt 31,533,893 4,261 Asset retirement obligation 343,000 - Total Current Liabilities 39,288,780 416,408 Long-term Liabilities: Royalties payable 1,535,865 - Long-term debt - less current portion above 6,357,122 255,032 Price risk market activity 2,157,404 - Asset retirement obligations 3,662,000 - Total Long-term Liabilities 13,712,391 255,032 TOTAL LIABILITIES 53,001,171 671,440 Minority interest in consolidated subsidiary 5,251,990 - Commitments and Contingencies Stockholders' Equity: Preferred Stock, $.00000001 par value, authorized 20,000,000 shares Series A Convertible Preferred Stock, -0- and 2,985,000 shares issued and outstanding at December 31, 2007 and 2006, respectively - - Common stock,par value $.000001 per share authorized 200,000,000 shares; 53,141,973 and 21,624,175 shares issued and outstanding at December 31, 2007 and 2006, respectively 53 22 Additional paid-in capital 33,551,558 6,758,637 Cummulative other comprehensive income (loss) 45,274 (772) Deficit (25,084,555) (5,618,566) * 8,512,330 1,139,321 Less cost of common stock in treasury, 500,000 shares in 2007 (275,000) - Total Stockholders' Equity 8,237,330 1,139,321 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $66,490,491 $1,810,761 See notes to consolidated financial statements. Net Working Capital Equity per Share Depr. and Amort. Reserve Preferred Shares Issued Common Shares Issued Treasury Shares - Preferred Treasury Shares - Common
Interim Report
	Interim Report      Data Not Available
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2008   1 2,200,000   2007   1 Nil   2007   2 2,160,000   2007   3 2,820,000   2007   4 2,190,000   2007   Full Year 7,010,000   2006   Full Year Nil   2005   Full Year Nil     Quarterly Net Income, US$ Year Quarter Revenue   2008   1 (6,650,000)   2007   1 (440,000)   2007   2 (1,440,000)   2007   3 (7,910,000)   2007   4 (9,670,000)   2007   Full Year (19,470,000)   2006   Full Year (2,966,000)   2005   Full Year (2,636,000)   2004   Full Year (190,000)     Quarterly EPS, US$ Year Quarter Revenue   2008   1 (.12)   2007   1 (.02)   2007   2 (.06)   2007   3 (.07)   2007   4 (.15)   2007   Full Year (.41)   2006   Full Year (.16)   2005   Full Year (.28)
Stock Data
	Capitalization as of 03/31/2007:     Authorized Shares Outstanding Shares Preferred $0.00000001 par 20,000,000 2,842,000so1 Common $0.000001 par 200,000,000 23,994,175   LONG TERM DEBT: $249,445.   Common $0.000001 par   Stockholders:  03/15/2007, 53. PRINCIPAL STOCKHOLDERS: March 15, 2007, Mark S. Western owned or controlled 32.4% of the voting power, Gerald Goodman 9.9% and Francis Clear 6.6%.   Transfer Agent:  Holladay Stock Transfer, Inc.   Scottsdale , AZ   OTC Bulletin Board( Primary): TKGN   Exchange Year High Low OTC Bulletin Board 2007 2.6000 0.1900 Over The Counter 2006 1.2500 0.2300   DIVIDENDS: Common $0.000001 par: No cash. Common reverse split 1-for-100, Oct. 14, 2005.       so1Consists of Series A Conv. Preferred. Each Series A share is convertible into 3 Common shares.