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Titan Oil and Gas, Inc. - Eberle #1 Prepares for Connection to the DCP Midstream Pipeline Titan Oil and Gas Continues in the Second Phase of Its Turnaround, as Its Eberle #1 Is Poised for Connection to DCP Midstream's Gas Pipeline
Apr 30, 2007 10:00:00 AM
SAN ANTONIO, TX -- (MARKET WIRE) -- 04/30/07 -- Titan Oil and Gas, Inc. (PINKSHEETS: TNOG) is pleased to announce that production at its Eberle #1 gas well in Bastrop County, Texas will allow for connection to DCP Midstream's gas pipeline. This arrangement will provide a steady distribution channel and income for the company. DCP Mainstream has been intensifying pipeline development in the area because of recent natural gas recoveries. It is because of this that Titan Oil and Gas has also looked at expanding onto adjoining properties in the area. DCP Midstream is a joint venture of ConocoPhillips and Spectra Energy, which is itself a spin-off of Duke Energy, one of North America's leading power producers with operations and assets in the United States, Canada and Latin America.
Vice President of Communications Brandon Toth related, "The well's connection to the pipeline affords us a steady and reliable income so that we can implement other aspects of the turnaround plan. This has occurred exactly as conceived, we're on the right track." As a key component in the Management Team's forward-looking program, the success of this goal in the phased turnaround process is a major development. As previous operations in July, August and November proved successful, gas production was achieved at approximately 5,000 feet after drilling. The well was determined to be a Taylor Sand Formation, which provides a high quality or "sweet" gas that commands the highest price at market.
"The Bastrop County Project [Eberle #1] was handled with care because there were so many other variables that had to be addressed first so that this would provide maximum benefit to shareholders." This according to President John Marconette in reference to operations started at the Eberle #1, Bastrop County, Texas site in July of 2006. The Eberle #1 site was being developed almost simultaneously as the company was in the midst of leadership changes.
Current partners in the Eberle #1 project include, Tejones Operating Corp. and Oasis Oil and Gas. J.R. Harrison heads Oasis Oil and Gas Corporation, a Houston-based company. Mr. Harrison has been in the petroleum and fuels marketing business for the last 18 years, and has worked with major oil companies such as Exxon Mobil and Shell Oil. Mr. Thomas Gouger III heads Tejones Operating Corporation. Mr. Gouger has been an oil and gas operator for over 25 years in the South Texas area. The company looks forward to continued relationships with these and other partners in a number of future projects.
-------------------- All posts are purely my opinion and are not buy or sell recommendations,Please do your own research. Posts: 56 | From: ARIZONA | Registered: Feb 2007
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