posted
tnog has recently pulled back from .008 just a few days ago and should stabilize shortly to make another run at it.....this stock is an awesome gapper....just look at the price deviation for each day
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SAN ANTONIO, Feb 03, 2006 (BUSINESS WIRE) -- Titan Oil and Gas, Inc. (TNOG:PK) is pleased to provide an operations update to our shareholders.
We had previously announced our intention to use an existing well for water disposal in our high-volume, submersible jet pumping program to re-activate the Stanley # 1 Well. Upon careful study of the well bores in our lease block, we have identified a better candidate for fluid injection.
We feel that the Cellmar # 1 Well, located in the Stanley lease block in Wilson County, Texas, has much greater absorption potential to handle the high volumes of fluid we expect as we re-activate the Stanley # 1 Well by means of high-volume submersible jet pumping. In light of our findings in this study, we have ordered a rig to the site to prepare the Cellmar # 1 Well for fluid injection.
A special high-volume submersible jet pump for the Stanley # 1 Well is currently being constructed to meet our exact specifications. The pump must be able to handle extremely high volumes of fluid, anticipated to be in excess of 800 barrels per day.
The Stanley # 1 Well produced in excess of 1,000 barrels of oil in one month last year, and we shut it in at that time while awaiting a more efficient and cost-effective manner in which to resume production. The well has a strong production history, with appx. 28,000 barrels of oil and substantial amounts of gas having been produced in the past.
We feel that utilizing the Cellmar # 1 Well for fluid injection will allow us to bring the Stanley # 1 Well back into production at the highest potential volumes and in the most cost-effective manner possible.
Lastly, the Company intends to proceed with an exciting new initiative in the near future. We look forward to being able to announce specific details to our shareholders in upcoming weeks.
About Titan Oil and Gas, Inc. - Titan is an energy company engaged in oil and gas development, drilling and production. Titan holds a majority working interest in all of its current and prospective wells. Titan follows a conservative business model, redeveloping oil and gas fields with a history of production, while expanding into exploration and development of new properties.
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Titan Oil and Gas, Inc.) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.
Titan Oil and Gas, Inc. (PINK SHEETS:TNOG)
-------------------- pink floyds "money" is the way to live.......
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