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Titan Announces Progress on Bastrop County Project Friday May 5, 9:20 am ET
SAN ANTONIO, TEXAS--(MARKET WIRE)--May 5, 2006 -- Titan Oil and Gas, Inc. (TNOG: PK) announces that progress is being made with the development of the Bastrop County project. At the request of many of our shareholders, we are pleased to provide additional details about the project and our joint venture partners. ADVERTISEMENT
As announced last week, the oil and gas working interest assignments were made to the joint venture partners on May 1st and are now being officially recorded.
Oasis Oil and Gas Corporation, a Houston-based company, is headed by J.R. Harrison. 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.
Tejones Operating Corporation is headed by Mr. Thomas Gouger III. Mr. Gouger has been an oil and gas operator for over 25 years in the South Texas area.
The project is commencing with an existing well bore that is a special target of interest. A backhoe is being sent to the site as quickly as possible to commence digging up the existing well casing. After locating and digging around the casing, an additional section of casing will be welded on, at which time we will be prepared for the arrival of the rig.
Next, once the rig arrives, the initial procedure will be a swab test. Based on the results, we will determine the completion techniques to be used. These processes may include acidization and fracturing, as per the recommendations in the In-Depth Bastrop County Report, prepared by Titan's Petroleum Engineer, Peter R. Maupin, and posted at the company's web site. Please visit: http://www.titanoilandgas.com/future.htm to view the full report.
As noted in the report, the initial target well has a test history of 123 and 170 barrels of oil per day, as well as a quantity of gas. This was obtained without any stimulation, which is a very important point. No guarantee can be made that current results will match these levels. We are, however, very hopeful that applying stimulation techniques to this formation will result in very good production.
If well tests meet our expectations, we have plans to immediately go to the second existing well bore in the field in order to develop it, and to confirm the full extent of the producing formation. In addition to these immediate candidates, the joint venture partners have the option to increase the work program by developing an additional 2 surface well locations within the 256-acre field, based on results from the first two wells.
Titan has developed this joint venture in a manner that has not affected the company's share structure. The company will have no direct development expenses other than the lease cost, which has already been paid.
Titan is actively negotiating new projects following this business model, as earlier announced. Titan is amassing new oil and gas leases and packaging joint ventures whereby it retains a carried working interest in the oil and gas income, while not affecting share capital.
About Titan Oil and Gas, Inc. - Titan is an energy company engaged in oil and gas development, drilling and production. 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.
Contact: Contacts: Titan Oil and Gas, Inc. Investor Hotline (503) 618-0370 or Toll Free: 1-888-601-9983 info*titanoilandgas.com http://www.titanoilandgas.com
-------------------------------------------------------------------------------- Source: Titan Oil and Gas, Inc.
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People what are you looking at this thing is going crazy on buys - The MMs are letting it run. It's up over 35 % this morning. Get in for the run to .02!!!
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I know I've spoken out against this stock recently but I gotta agree with shome.
I'm back in. (Can't believe I'm saying that) This news came at exactly the right time.
GLTA
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Way to go Bigfoot - this is the spark this stock has been needing - look at the volume - This hit at the right time NDOL is sputting around and people will get anxious and buy into cheaper stocks watch and see.
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This one hasn't even started yet, believe it or not. They have broke resistance and the signals are moving higher. This one is poised to break out to new levels over .015 to .02 IMHO.
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invester look at the volume from a month back it has been building and you had the jump a few weeks ago which has lead to a good PR this morning and now more volume. This one is headed allot higher. Do your DD!!!
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