OTC Bulletin Board

S & P Company Insight for TEKOIL & GAS NEW

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.
  25050 I-45 North
  Suite 528
  The Woodlands , TX 77380
  Phone: 281-364-6950
  Website: http://www.tekoil.com
  Madsen & Associates
Transfer Agent
  Holladay Stock Transfer, Inc.
Employees:  6
ShareHolders:  53
Founded:  2002
Domicile:  Delaware

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.
Tekoil Rig Development Corporation
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2006  476
  2005  8


 Mark S. WesternChairman, President & Chief Executive Officer
 Francis G. ClearChief Operating Officer
 Gerald  GoodmanTreasurer & Chief Financial Officer
 Eric  OttensExec VP
 Donna  ParsonsVP

 Francis G. Clear
 Richard  Creitzman
 Gerald  Goodman
 Mark S. Western
 Annual Report

Annual Report
Income Statement
Oil sales $4,195,108$-
Gas sales2,517,383-
Transportation income577,170-
Total revenues7,289,661-
Less: Production taxes276,095-
Net revenues7,013,566-
Cost and expenses:
Leasehold operating expenses
(including workover costs)7,164,572-
Selling, general and administrative expenses5,725,3392,502,210
Depreciation, depletion and amortization3,177,98624,086
Compensatory element of common
stock issurance6,044,700420,750
Loss from operations (15,099,031)(2,947,046)
Other income (expense):
Other income12,490-
Interest income160,954-
Interest expense (4,942,352)(9,480)
Provision for price risk market activity (2,157,404)-
Loss on investment -(10,000)
Loss before minority interest (22,025,343)(2,966,526)
Minority interest share of (loss) of
consolidated subsidiary2,559,354-
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 diluted46,894,71718,276,098
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
Current Assets:
Marketable securities - restricted6,527,419-
Accounts receivable1,974,277-
Prepaid expenses710,83753,475
Total Current Assets12,308,470347,496
Property and Equipment - net:
Oil and gas mineral interests, equipment and facilities54,182,021458,871
(full cost method of accounting)
Other assets-1,004,394
TOTAL ASSETS$66,490,491$1,810,761
Current Liabilities:
Accounts payable $4,293,831$-
Accrued expenses2,115,826362,147
Royalties payable570,230-
Notes payable - related parties432,00050,000
Current portion of long-term debt31,533,8934,261
Asset retirement obligation343,000-
Total Current Liabilities39,288,780416,408
Long-term Liabilities:
Royalties payable1,535,865-
Long-term debt - less current portion above6,357,122255,032
Price risk market activity2,157,404-
Asset retirement obligations3,662,000-
Total Long-term Liabilities13,712,391255,032
TOTAL LIABILITIES53,001,171671,440
Minority interest in consolidated subsidiary5,251,990-
Commitments and Contingencies
Stockholders' Equity:
Preferred Stock, $.00000001 par value, authorized
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, respectively5322
Additional paid-in capital33,551,5586,758,637
Cummulative other comprehensive income (loss) 45,274(772)
Deficit (25,084,555)(5,618,566)
Less cost of common stock in treasury,
500,000 shares in 2007 (275,000)-
Total Stockholders' Equity8,237,3301,139,321
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$
  2008   12,200,000
  2007   1Nil
  2007   22,160,000
  2007   32,820,000
  2007   42,190,000
  2007   Full Year 7,010,000
  2006   Full Year Nil
  2005   Full Year Nil
Quarterly Net Income, US$
  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$
  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 SharesOutstanding Shares
Preferred $0.00000001 par20,000,0002,842,000so1
Common $0.000001 par200,000,00023,994,175
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
OTC Bulletin Board20072.60000.1900
Over The Counter20061.25000.2300
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.