EXHIBIT
      10.80


    NEWS
      RELEASE for June 11, 2008


    

      
        	
                Contact:

              	
                Allen
                  & Caron

              	
                Tekoil
                  & Gas Corporation

              
	 	
                Michael
                  Mason (investors)

              	
                Mark
                  Western, Chairman & CEO

              
	 	
                212-691-8087

              	
                281-364-6950

              
	 	
                michaelm@allencaron.com

              	
                mwestern@tekoil.com

              


      
 

    TEKOIL
      & GAS CORPORATION FILES FOR CHAPTER 11 PROTECTION


     

    THE
      WOODLANDS, TX (June 11, 2008) ... Tekoil & Gas Corporation (OTCBB: TKGN)
      announced today that it had filed for protection under Chapter 11. Mark Western,
      Chairman of the Board and Chief Executive Officer stated that "the chapter
      11
      filing will allow Tekoil to restructure its debt and move forward on plans
      to
      rework and develop assets which should in the long term benefit Tekoil, its
      creditors and shareholders." 

     

    The
      filing of a Chapter 11 petition triggers the automatic stay, which is a
      statutory injunction enacted as part of the Bankruptcy Code by Congress to
      preserve assets of a company filing for bankruptcy. Tekoil's chapter 11 petition
      halted efforts by an affiliate of Goldman Sachs to foreclose on Tekoil's
      majority interest in Tekoil Gulf Coast LLC, which owns offshore leases in the
      Gulf of Mexico. Tekoil is currently operating the producing wells on those
      leases. Tekoil has been pursuing investment partners over the past two months
      and believes the filing of the chapter 11 petition, and the breathing spell
      which Congress intended for companies filing for chapter 11, will ultimately
      facilitate its efforts to obtain investment capital and allow Tekoil to move
      forward on its proposed program to rework a number of wells in the Gulf of
      Mexico. Tekoil is traded on the OTCBB and its symbol is TKGN.

     

    Tekoil
      is
      including the following cautionary statement in this release to make applicable
      and take advantage of the safe harbor provisions of the Private Securities
      Litigation Reform Act of 1995 for any forward-looking statements made by, or
      on
      behalf of, Tekoil. Forward-looking statements include statements concerning
      plans, objectives, goals, projections, strategies, future events or performance,
      and underlying assumptions and other statements, which are other than statements
      of historical facts. From time to time, Tekoil may publish or otherwise make
      available forward-looking statements of this nature. All such subsequent
      forward-looking statements, whether written or oral and whether made by or
      on
      behalf of Tekoil, are also expressly qualified by these cautionary statements.
      Certain statements contained herein, and those which are identified by the
      use
      of the words "anticipates", "estimates", "expects", "intends", "plans",
      "predicts", "projects", and similar expressions, are "forward-looking"
      statements as defined in the Private Securities Litigation Reform Act of 1995
      and accordingly involve risks and uncertainties which could cause actual results
      or outcomes to differ materially from those expressed in the forward-looking
      statements. The forward-looking statements contained herein are based on various
      assumptions, many of which are based, in turn, upon further assumptions.
      Tekoil's expectations, beliefs and projections are expressed in good faith
      and
      are believed by Tekoil to have a reasonable basis, including, without
      limitation, management’s examination of historical operating trends, data
      contained in Tekoil's records and other data available from third parties,
      but
      there can be no assurance that management’s expectations, beliefs or projections
      will result or be achieved or accomplished. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    About
      Tekoil & Gas Corporation

    


     Houston-based
      Tekoil & Gas Corporation is a technology-driven company focused on the
      development, acquisition, stimulation, rehabilitation and asset improvement
      of
      small to medium-sized oil and gas fields. The combination of energy fuel
      reserves and advanced yield technologies are anticipated to generate value
      for
      Tekoil and its stakeholders, as the company targets above average growth in
      the
      21st century energy sector. Additional news and information will be made
      available on the Tekoil website at www.tekoil.com and
      through further press releases.

    


    Forward
      Looking Statements

    


    This
      news
      release may contain certain forward-looking statements, including declarations
      regarding Tekoil and its subsidiaries' expectations, intentions, strategies
      and
      beliefs regarding the future within the meaning of Section 27A of the Securities
      Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All
      statements contained herein are based upon information available to Tekoil
      management as at the date hereof, and actual results may vary based upon future
      events, both within and without the control of Tekoil management, including
      risks and uncertainties that could cause actual results to differ materially
      including, among other things, the impact that acquisitions may have on the
      company and its capital structure, exploration results, market conditions,
      oil
      and gas price volatility, uncertainties inherent in oil and gas production
      operations and estimating reserves, unexpected future capital expenditure
      requirements, competition, governmental regulations and other factors, some
      of
      which are set forth in Part I, Item 2, of Tekoil's registration statement on
      Form 10-SB.