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EXHIBIT
99.1
TEKOIL
AND MASTERS EXTEND AGREEMENT
MONDAY, February
14, 2007 8:30 AM
The Woodlands,
Texas February 14, 2007 (PRIMEZONE via COMTEX) - Tekoil & Gas
Corporation (the “Company” - Pink Sheets: TKGN)
announced today that it and the Sellers in the previously announced
Purchase and Sale Agreement to acquire certain oil and gas
properties in Galveston Bay, Texas (the “Masters
Acquisition”) have agreed to extend the Closing date to on or
before March 2, 2007.
Mr. Mark
Western, Chairman of the Company stated: “While we had hoped
to complete the Masters Acquisition by now, we have continued to
make steady progress, have agreed terms for the Masters extension,
and continue to work towards definitive financing arrangements and
related due diligence closure. These as well as other conditions
under the amended Purchase and Sale Agreement for the Masters
Acquisition must be satisfied in order to close”.
Mr. Richard
Lee, President of Masters Resources, LLC stated: “This is a
complex acquisition that has required enormous commitment on behalf
of both companies to bring it to closure. We are busy assisting
Tekoil through the final stages of due diligence and look forward
to bringing the divestmen
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