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TTCS.....NOW!!!!!!!!!!!!!!!!!!!
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[QUOTE]Originally posted by ShadowStalker: [QB] Just some good news for all of us holding TTCS. Yeeehaaaww, go baby go. Press Release Source: Titan Consolidated Inc. Titan Enters Production Phase and Releases Progress Report Thursday October 14, 10:30 am ET SAN ANTONIO--(BUSINESS WIRE)--Oct. 14, 2004--Titan Consolidated Inc, (OTCBB:TTCS - News): Titan Consolidated enters production phase and releases progress report. Since announcing its intentions to begin oil and gas development in April 2004, the Company has made significant progress and has entered into the production phase. Last week, Titan announced the production of 12 barrels of oil in the first two hours of operation. Titan CEO Kent Jacobson comments: "We've come a long way in these past few months and we are thrilled to enter our production phase. We are excited about our prospects to bring additional wells into production and look forward to releasing preliminary production results in the near future." Since April 2004, Titan has had several noteworthy announcements beginning with their intentions to develop the Wilson County, Texas Field. With the assistance of Petroleum Engineer Peter Maupin, the company has made the following progress and significant announcements: As originally stated by Petroleum Engineer Peter Maupin, "It is very difficult to determine exact reserves in the Austin Chalk because of the nature of the reservoir, as it is made up of fractures and fissures. From the extent of the field -- approx. 3 miles long and approx. 3/4 mile wide, we can assume a minimum of two million barrels of recoverable oil are still in place. This would mean over $55,000,000.00 of gross oil revenue at today's prices. We can also assume a recovery of approx. two mcf of gas/bbl of oil recovered which would give additional gas reserves of approx. four million mcf. This would mean over $12,000,000.00 of gross gas revenue at today's prices." Adjusted for oil and gas prices as of October 2004, this would mean $84,000,000.00 of gross oil revenue and $20,000,000.00 of gross gas revenue. On Sept 15, 2004 - Titan entered into a gas production contract with Midway Pipeline, Inc., of San Antonio, Texas to facilitate the sale of gas production in the Stanley Unit, (Austin Chalk), Wilson County, Texas. On Sept 21, 2004 - Titan announced installation of the gas separator unit on its project in the Stanley Unit and announced an agreement with Midway Pipeline, Inc. to include an H2S Sample Monitor which will allow natural gas to be treated on-site thereby realizing the best attainable market price on anticipated production. In addition, this agreement will result in an additional 5% payment to Titan each month, above the current gas sales price. On Oct 7, 2004 - Titan announced completion of gas pipe to the wellheads of its 2 major wells. Titan further announced near completion of the final wiring for the H2S Sample Monitor for gas processing and imminent sales of natural gas. On Oct 14, 2004 - Titan announced production of 12 barrels of oil in the first 2 hours of flow from the No. 1 well. 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 Consolidated, 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. [/QB][/QUOTE]
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