posted
Titan Oil and Gas, Inc. -- Production Phase Commences After Settlement Reached Monday April 23, 9:00 am ET
With Its Settlement Reached, Titan Oil and Gas Enters Into Its Second Phase of Reorganization With a Focus on Broadening and Increasing Production
SAN ANTONIO, TX--(MARKET WIRE)--Apr 23, 2007 -- Titan Oil and Gas, Inc. (Other OTC:TNOG.PK - News) has negotiated its settlement with RR Ventures, d.b.a. Bulldog Well Service. The arrangement was made as part of the management team's multi-phase reorganization plan. "This is an integral step in getting Titan back on track to becoming the company that investors had envisioned. Now we can get on with actual oil and gas production," according to company Vice President Brandon Toth. The payments to Bulldog Well Service will be a combination of cash and restricted stock. The cash component of the settlement will come from the sale of oil and gas from both producing wells and current wells about to go online.
The settlement was reached in an out of court agreement between the two companies after suit had been filed in the 81st Texas Judicial District Court. Both Titan Oil and Gas and Kent Jacobson were named in the suit. While Mr. Jacobson was part of the suit, Titan Oil and Gas management has chosen to sever their ties and make restitution without incurring further complications. "Rather than belaboring the point, we thought this step was important so that Titan could move forward," company president John Marconette stated, when asked to reflect on the agreement.
With the agreement, both management and the company's newly empanelled advisory team came to consensus as to the importance of this part of the first phase. Bulldog Well Service has shown a demonstrable amount of confidence in Titan Oil and Gas' ability to achieve projected production by the terms of the agreement. This agreement also brings to a close the first part of the phased turnaround framework, leading to production as the focus in the management's second phase. Updates will be forthcoming regarding actual production numbers.
ABOUT TITAN OIL AND GAS, INC.
Titan is an energy company with interests in oil and gas development, drilling and production. Titan follows a conservative business model, focusing on redevelopment of oil and gas fields with a history of production, and also, exploration and development of new properties.
Posts: 52 | Registered: Apr 2007
| IP: Logged |
Topic Closed
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
