Document:

JAG
      Media Holdings, Inc.

    6865
      S.W. 18th
      Street, Suite B13

    Boca
      Raton, FL 33433

    

    April
      14,
      2008

    

    YA
      Global
      Investments, L.P.

    101
      Hudson Street

    Suite
      3700

    Jersey
      City, NJ 07302

    

    
      	
              Re:

            	
              Letter
                Agreement between YA Global Investments, L.P. ("YA
                Global") and JAG Media Holdings, Inc. ("JAG Media") dated January
                31,
                2008, as amended by letter agreements between YA Global and JAG Media
                dated March 11, 2008 and March 31, 2008 ("YA Global
                Agreement").

            

    

    

    Gentlemen:

    

    This
      will
      confirm our understanding that the terms and conditions of the YA Global
      Agreement are hereby amended as set forth below.

    

    1. Warrant
      Nos. CCP-1 and CCP-2 shall no longer be subject to the revised "Warrant Exercise
      Price" set forth in paragraph 4(a) of the YA Global Agreement or the new
      "Exercise Restriction Date" set forth in paragraph 4(d) of the YA Global
      Agreement, notwithstanding anything to the contrary in the YA Global Agreement.
      All other Warrants shall remain subject to the revised "Warrant Exercise Price"
      set forth in paragraph 4(a) and the "Exercise Restriction Date" set forth in
      paragraph 4(d), which in each case shall only become effective as of the
      "Effective Date" as set forth In the YA Global Agreement. 

    

    2. The
      automatic termination date set forth in paragraph 8 of the YA Global Agreement
      is hereby changed from April 8, 2008 to April 30, 2008.

     

    If
      the
      foregoing accurately reflects your understanding of our agreement regarding
      the
      above matter, please indicate your agreement and acceptance by signing in the
      appropriate space below and returning a fully executed and dated copy of this
      agreement to the undersigned. 

    

    Sincerely
      yours,

    JAG
      Media Holdings, Inc.

     

    
      	
              By: 

            	/s/
              Thomas J. Mazzarisi
	 	
              Name:
                Thomas J. Mazzarisi

            
	 	
              Title:
                Chairman & CEO

            
	 	
              Date:
                April 14, 2008

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              AGREED
                AND ACCEPTED:

            
	 	
              YA
                Global Investments, L.P. (formerly, Cornell
Capital Partners,
                L.P.)

            
	 	 
	 	
              By:
                Yorkville Advisors, LLC

            
	 	
              Its:
                Investment Manager

            
	 	 	 
	 	
              By:

            	/s/
              illegible
	 	 	
              Name:
                

            
	 	 	
              Date:
                April 15, 2008

            

    

    

    
      
        
        

      

      
        2Exhibit
      10. 74

    

    
      	
              

            	 	 
	
              1235
                Creekford Circle Suite 2100 Sugar Land, TX
                77478

            	
                

            	
              a
                Division of Temporary Professionals,
                Inc.

            

    

    

    February
      4, 2008

    

    Frank
      Clear 

    CEO

    TEKOIL
      & GAS CORPORATION

    25025
      I-45

    Suite
      525

    Woodlands,
      TX 77380

    

    
      	 	
              Accounting
                Assistance Engagement Letter

            

    

     

    Dear
      Mr.
      Clear:

     

    On
      behalf
      of the Corporate Accounting Group (“CAG”), we appreciate the opportunity to
      assist Tekoil & Gas Corporation, (“Tekoil”) in meeting it’s new reporting
      obligations. 

    

    We
      believe the Corporate Accounting Group provides a cost effective solution and
      offers distinct advantages which will enable Tekoil to most efficiently comply
      with these requests:

     

    
      	
              Ø

            	
              Deep
                experience with developing and delivering accounting processes, procedures
                and controls for the E&P
                sector.

            

    

     

    
      	
              Ø

            	
              A
                flexible service approach that adopts and executes client-developed
                project plans. 

            

    

     

    
      	
              Ø

            	
              Proven
                working relationships with Tekoil’s
                lender.

            

    

     

    FLEXIBLE,
      PARTNERING APPROACH

    

    In
      order
      to tailor our services to best fit your needs, CAG offers a partnering approach.
      Our highly skilled personnel bring value to Tekoil through a variety of
      roles.

     

    
      	 	
              Ø

            	
              Devil’s
                advocate/quality assurance reviewer
                -
                in this role, we leverage our Managing Director’s and/or Project
                Director’s experience to challenge project plans, goals, milestones and
                deliverables to ensure the client receives the greatest value and
                that
                CAG’s high quality standards are
                maintained.

            

    

     

    
      	 	
              Ø

            	
              Project
                Manager –
                in this role, we can develop and deliver a proven workplan and assist
                you
                with scoping and prioritizing the project as well as in-field coordination
                and management of the project throughout its duration.
                

            

    

     

    
      	 	
              Ø

            	
              Consultant
                –
                in this role, our consultants provide day-to-day assistance in assessing
                processes, assessing controls, and developing & implementing working
                procedures to ensure appropriate reporting and meet reporting obligations.
                

            

    

     

    
      	 	
              Ø

            	
              Procedure
                & Controls analysts –
                our
                senior consultants have the training and experience to
                

            

    

     

    
      	 	
              o

            	
              Implement
                new controls

            

    

     

    
      	 	
              o

            	
              Define
                system enhancements to accommodate the efficient extraction of
                data

            

    

     

    
      	 	
              o

            	
              Identify
                non-functional or non-existent
                controls

            

    

     

    
      	 	
              o

            	
              Develop
                action plans

            

    

     

    
      	 	
              o

            	
              Design
                controls and develop related policies, procedures and other
                documentation

            

    

     

    
      	 	
              o

            	
              Conduct
                training sessions or facilitate control communication throughout
                an
                organization

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              

            	 	 
	
              1235
                Creekford Circle Suite 2100 Sugar Land, TX
                77478

            	
                

            	
              a
                Division of Temporary Professionals,
                Inc.

            

       

    

    
      	 	
              Ø

            	
              Development
                –
                we can assist in developing accounting procedures, by providing templates,
                developing initial drafts, circulating drafts for review, incorporating
                edits, and formatting the documents into the overall Accounting Manual.
                

            

    

     

    
      	 	
              Ø

            	
              Validation
                –
                in
                this more “Internal Audit” focused role, we help test and validate what
                others have documented. We will work closely with management to help
                ascertain that your resulting methodologies and documentation are
                sufficient to meet your reporting objectives and withstand your external
                auditor’s reviews.

            

    

     

    PROJECT
      OBJECTIVES AND SCOPE:

     

    The
      objective of this project is to partner with Tekoil in the process of providing
      additional reporting to its lender. Specifics will be outlined in the
      documentation requested by Tekoil from Goldman Sachs, and may encompass
      additional work to assure the reliance of transactional data entries. These
      include:

    

    
      	 	
              Ø

            	
              Phase
                1,
                Scoping and Assessment of current Processes, Systems, Controls, and
                Reporting Templates

            

    

    
      	 	
              Ø

            	
              Phase
                2,
                Development of Controls, Reporting Tools, and
                Practices

            

    

    
      	 	
              Ø

            	
              Phase
                3,
                Implementation of agreed changes

            

    

    
      	 	
              Ø

            	
              Phase
                4,
                Testing of Controls

            

    

    
      	 	
              Ø

            	
              Phase
                5,
                On-going Maintenance

            

    

     

    The
      Corporate Accounting Group is able to help you through all phases of this
      project.

     

    Deliverables
      – to be agreed upon at the conclusion of Phase 1 and with the input of external
      lenders.

     

    Timing
–
      this phase is anticipated to commence during the middle of February, and span
      approximately two to three weeks of elapsed time, but approximately
      one-and-a-half to two weeks of chargeable time. We will begin by collecting
      the
      reporting requirements from your external lender. 

     

    Use
      of deliverables. The
      deliverables of this engagement are solely for the internal use of Tekoil,
      their
      Audit Committee, external Auditors and Board of Directors and may not be used
      or
      relied upon for any other purpose, relied upon by any other party, or filed
      with
      or disclosed to any third party, including any governmental authority, without
      our prior written consent. Tekoil shall have no responsibility or liability
      for
      losses, damages or costs incurred as a result of the unauthorized use,
      circulation, publication, reproduction or use of our deliverables contrary
      to
      the provisions of this letter. Our deliverables will reflect our observations
      as
      of the date we conclude our work. We assume no obligation or responsibility
      to
      update or revise the observations whether as a result of new information, future
      events or otherwise. However, should additional documentation or other
      information become available which impacts the observations described in our
      deliverables, we reserve the right to amend our documents accordingly.

     

    PROJECT
      RESOURCES

    

    The
      best planning tools will not make a project a success if the team supporting
      the
      plan lacks sufficient experience and resources. The Corporate Accounting Group
      has created a flexible, multi-talented service team approach that will provide
      project controls as well as the ability to adapt as this project evolves. The
      professionals assigned, as well as the other talents available to you, have
      the
      skills and experience to deliver great results. In addition to the resources
      mentioned below, we have additional resources available to assist as
      needed.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              

            	 	 
	
              1235
                Creekford Circle Suite 2100 Sugar Land, TX
                77478

            	
                

            	
              a
                Division of Temporary Professionals,
                Inc.

            

       

    

    Roy
      Duff, Managing Director –
Roy
      will serve as Tekoil’s “single point of contact” for all services required from
      the Corporate Accounting Group. As such, he will design and oversee the workplan
      and be the relationship manager should you need additional services or wish
      to
      address issues independent of the daily project team. The Managing Director
      will
      commit his personal time to Tekoil, and the best available resources as well
      as
      continuity in the assignment of our professionals to your project. Further,
      Roy
      will participate in status meetings throughout the project and/or meet with
      management, as appropriate, to proactively address any concerns and to ensure
      that ultimately your expectations are exceeded.  Roy
      is a
      CPA with over 20 years of professional experience with many years directly
      in
      Upstream Oil & Gas Accounting. He has delivered Accounting and Technology
      consulting services as a Manager and Senior Manager for several “Big 4” firms,
      has served as a Client Service Director for an Internal Audit firm and has
      also
      been the CIO of an Insurance Service(s) company in Houston, TX.

    

    Bill
      Remkes, Project Manager –
Bill
      may be called upon to provide technology or subject matter expertise in system
      changes or implementation of new processes and controls. Bill is an accomplished
      and skilled financial consulting manager with over 20 years of experience in
      Upstream Oil & Gas Accounting, including experience with the OGIS System.
He
      has
      worked on multiple control remediation projects performing both assessment,
      documentation and testing. Bill has helped a number of our clients improve
      internal controls, financial processes and financial reporting. CAG will provide
      Bill or comparable resource(s) as needed for the efficient and effective
      completion of the project.

     

    Consultants
      –
      We have
      the resources to provide the appropriate number of personnel to support this
      engagement. Our consultants are entrusted with the day-to-day responsibility
      for
      developing the documentation and testing the existence of controls. It is their
      responsibility to see that the detailed steps are completed and that the efforts
      of the other team members are coordinated to provide for the efficient and
      timely completion of the engagement. 

     

    PROFESSIONAL
      FEES

    

    Our
      professional fees are based on the mix of skills and experience required to
      efficiently and effectively complete this engagement. The combination of roles
      or approach that you choose will ultimately drive your budget. We find that
      by
      delivering high-level experience at a competitive rate, we deliver the best
      overall value while helping our clients manage their budget. We will bring
      to
      Tekoil significant experience to enhance and automate this process to provide
      the most efficient use of time. A milestone status review will be conducted
      weekly or as appropriate. 

    

    We
      are
      prepared to begin work upon signed acceptance of this letter and determination
      of a mutually agreeable start date. Although
      the entire compliance program is listed within this letter, we propose an
      initial review of the current situation in order to build a budget and
      appropriate work plan.

    

    The
      ratable fees for this engagement will be billed as follows:

    

      
        	
                Managing
                  Director

              	 	
                $

              	
                175/hr.

              	 
	
                Director

              	 	
                $

              	
                145/hr.

              	 
	
                Engagement
                  Manager

              	 	
                $

              	
                120/hr.

              	 
	
                Senior
                  Staff

              	 	
                $

              	
                105/hr.

              	 
	
                Staff

              	 	
                $

              	
                80/hr.

              	 

      

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              

            	 	 
	
              1235
                Creekford Circle Suite 2100 Sugar Land, TX
                77478

            	
                

            	
              a
                Division of Temporary Professionals,
                Inc.

            

       

    

    Tekoil
      will also reimburse CAG for all reasonable actual out-of-pocket expenses
      incurred during this project, including travel, lodging, per-diems, parking,
      and
      reproduction. While we anticipate that we will use Houston-based personnel,
      CAG
      will work with you to minimize these costs and will leverage existing agreements
      Tekoil may have with local lodging providers. We propose that personnel charge
      mileage and one-half their billing rates during actual travel time to/from
      the
      worksite, which will cover a portion of their actual costs without
      margin.

     

    
      	 	
              Ø

            	
              Ultimately,
                the measure of value is the level of a accomplishment within the
                hours
                expended and the potential for overall cost savings and enhanced
                reporting
                due to a sound accounting procedures and controls – CAG delivers just
                that. 

            

    

     

    From
      our discussions we suggest an engagement of 60-80 hours to review Tekoil’s
      current situation and to create a work plan for the enhancement of reporting,
      and remediation or implementation of controls. All Phases will utilize the
      services of the Managing Director, with additional resources as agreed and
      approved by Tekoil. The Managing Director will initially dedicate 20-30 hours
      per week to this engagement.

    

    Due
      to the current financial status of Tekoil, CAG will require a $10,000 retainer
      prior to the commencement of services.

     

    OTHER
      MATTERS

     

    CAG
      will
      act as an independent contractor in providing the services set forth in this
      letter. CAG is not agreeing to perform any services that would satisfy a legal
      or contractual obligation, or by itself form the basis of any attestation or
      certification required of any employee or management team member of the CAG.
      In
      carrying out our work:

     

    
      	 	
              Ø

            	
              CAG
                will not act in the capacity of management or as an employee of
                Tekoil;

            

    

     

    
      	 	
              Ø

            	
              CAG
                will provide observations regarding Tekoil’s practices, procedures and
                controls observed during this engagement. Tekoil must evaluate the
                adequacy of their own policies, procedures, and controls in place
                for all
                purposes and Tekoil is solely responsible for determining what
                changes/improvements should be implemented in light of any relevant
                law
                and Tekoil’s objectives.

            

    

     

    Establishing
      and maintaining procedures, controls and financial reporting, as well as the
      Accounting function are solely the responsibility of Tekoil. 

     

    With
      regard to CAG’s services, Tekoil is responsible for:

     

    
      	 	
              Ø

            	
              Determining
                and approving the objectives, scope and extent of CAG
                services;

            

    

     

    
      	 	
              Ø

            	
              Designating
                a senior management level individual who will have responsibility
                to
                oversee, along with the CAG team, the project progress and address
                issues
                as they arise;

            

    

     

    
      	 	
              Ø

            	
              Evaluating
                the adequacy of accounting practices, procedures and controls and
                approving or declining the implementation of
                recommendations;

            

    

     

    
      	 	
              Ø

            	
              Implementing
                any changes to Tekoil’s procedures and control over financial reporting,
                and the Accounting function and procedures that Tekoil determines
                to be
                appropriate under the circumstances.

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              

            	 	 
	
              1235
                Creekford Circle Suite 2100 Sugar Land, TX
                77478

            	
                

            	
              a
                Division of Temporary Professionals,
                Inc.

            

       

    

    The
      Corporate Accounting Group is not a C.P.A. or public accounting firm and,
      therefore, does not provide an independent assessment, attestation, or opinion
      on events, conditions, or activities occurring within clients or otherwise
      report on financial statements. As such, CAG’s services in this engagement shall
      not constitute an audit, examination, attestation, special report or agreed-upon
      procedures engagement as those services are defined in American Institute of
      Certified Public Accountants (AICPA) literature applicable to such engagements
      conducted by independent auditors. Accordingly, CAG will not issue any written
      communication to third parties reporting on (i) financial statements or other
      data; (ii) Tekoil’s internal control over financial reporting, disclosures
      and procedures; (iii) expressing a conclusion, certification or other form
      of
      assurance about the adequacy of internal control over financial reporting;
      or
      (iv) the reliability of written assertions by Tekoil covering Tekoil’s financial
      statements or other data or its internal control over financial reporting
      disclosures and procedures. 

    

    OTHER
      PROVISIONS

    

    
      	 	
              ·

            	
              This
                letter will remain valid for 30
                days.

            

    

    
      	 	
              ·

            	
              We
                will submit progress invoices bi-weekly.

            

    

    
      	 	
              ·

            	
              In
                recognition of your changing and evolving environment, this project
                can be
                cancelled with two weeks notice during the engagement for any
                reason.

            

    

    
      	 	
              ·

            	
              As
                our client, all work papers or deliverables from this engagement
                belong to
                you.

            

    

    

    CAG
      looks
      forward to beginning our partnership with Tekoil by
      providing valued services. We are available to answer any questions you may
      have
      or meet with you to further discuss the details of this engagement. 

    

    Sincerely,

    

      
        	
                Roy
                  W. Duff

              
	
                Roy
                  Duff, CPA

              
	
                Managing
                  Director

              

      

    

    

    *
      * * * *
      *

    

    Please
      indicate your acceptance of this proposal by signing and returning this document
      by fax, (281) 242-6491, or email scanned document to
      rduff@corp-acctg.com.

     

    
      
        	
                Accepted
                  by:

              	
                /s/
                  Frank Clear

              	
                  

              	
                Date:

              	
                02/13/08

              

      

    

     

    
      
        	
                Name:
                  

              	
                Frank
                  Clear

              	 	
                Title:

              	
                COO

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