0001144204-06-052122 Sample Contracts

SETTLEMENT AGREEMENT AND MUTUAL RELEASE
Settlement Agreement • December 11th, 2006 • Tekoil & Gas Corp • Oil & gas field services, nec

This Settlement Agreement and Mutual Release ("Settlement Agreement") is made and entered into on this 5th day of December, 2006, by and between Plaintiff/Counterclaim-Defendant, GERALD M. DUNNE (“Dunne”) and Defendant/Counterclaim-Plaintiff, TEKOIL & GAS CORPORATION (“TEKOIL”) (Dunne and TEKOIL shall also be collectively referred to herein as the “Parties”).

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SECURITIES PURCHASE AGREEMENT
Securities Purchase Agreement • December 11th, 2006 • Tekoil & Gas Corp • Oil & gas field services, nec • Florida

SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of __________, 2006, by and between Tekoil & Gas Corporation, a Delaware corporation, with its principal place of business at 5036 Dr. Phillips Blvd., Suite 232, Orlando, FL 32819 (the “Company”), and the legal person whose signature and principal residence or principal place of business are included on the signature page hereto (the “Buyer”).

STOCK ISSUANCE AGREEMENT
Stock Issuance Agreement • December 11th, 2006 • Tekoil & Gas Corp • Oil & gas field services, nec • Florida

THIS STOCK ISSUANCE AGREEMENT (the “Agreement”), effective as of May 1 , 2006 is entered into by and between DON PARSONS, an individual having an address at 25 Mountbatten Drive, St. John's, Newfoundland (the “Employee”), and TEKOIL & GAS CORPORATION, a Delaware corporation (the “Company”).

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