This will be a good buy on a downswing.
Company InformationTitan Oil and Gas, Inc. is an energy company with interests in development, drilling and production in the United States. The company is focused on redevelopment and exploitation of resources on its leases in Wilson and Bastrop Counties in Texas. It holds approximately 250 acres of leases, for which Titan holds an option in east Bastrop County, Texas, specifically in an area south of Paige, Texas, in the J. Holderman Survey, Abstract 190. On May 1, 2006, the Company entered into a joint venture working interest agreement to develop the Bastrop County project with Oasis Oils and Gas Corporation, a Houston-based company. On June 21, 2006, it entered into an agreement with Tejones Operating Corporation to rework/recomplete 14 wells in Caldwell Co, Texas. This agreement has expired, but the Company is in negotiations for an extension. On November 3, 2006, Titan Oil and Gas, Inc. announced the commencement of the final phase to bring its Eberle #1 gas well in Bastrop County, Texas.
Company Contact Titan Oil and Gas, Inc.
720 Brazos Street
Suite 1115
Austin, TX 78701
Toll Free: 1-888-831-TNOG (8664)
http://www.titanoilandgas.com/Press ReleaseTitan Oil and Gas Initiates Development of Kern County Project
Wednesday 05/07/2008 9:00 AM ET - Businesswire
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TNOG 0.0048 6.67%
As of 1:07 PM ET 5/12/08
Titan Oil and Gas Inc. (Pink Sheets:TNOG) is pleased to announce that the company has initiated development of its 480 acre project in Kern County, California. Titan management has finished a preliminary report on the lease in Kern County and is satisfied that there is sufficient reason to pursue production on the site. "Having assessed the potential of oil production it seems that in the current environment of rising prices and rapidly improving recovery technology that there is more than enough economic incentive to proceed," according to Titan Oil and Gas President, Brandon Toth.
The area of the lease falls within the zone of three different formations, The Edison, The Northeast Edison and Ant Hill. There are a total of 1810 wells within the fields that surround the Titan Oil and Gas lease in Kern County. The total proven reserves for these wells in 2006, the last year the State of California has data on, was 15,745 Mbbl. Production in the area actually increased from 2005 through 2006 with the introduction of new technology and rising oil prices.
The location of the 480 acre lease is within the Township 29s and Range 29e sections of the BLM oil lease map. Bellaire Oil Co., Pan America Energy Corp, Chevron and BP Exploration are the four major oil producers that own the bulk of all producing wells in these three oil fields as well as throughout the San Joaquin Valley.
Titan Oil and Gas management is forming a team in Southern California that will proceed with the development of the lease. Management will temporarily relocate to the area in order to ensure that execution of its directive is executed in a thorough and diligent manner. Management is currently engaging the services of a petroleum geologist in the area to initiate development of the lease and finally initiate production if tests indicate favorably. Please visit the blog to view the Edison Lease Report in detail.
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. For further information about Titan Oil and Gas please visit our website at
http://www.TitanOilandGas.com or blog at
http://www.TitanOilandGas.com/wordpress. 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. Please read the full disclaimer here:
http://www.TitanOilandGas.com/disclaimer. SOURCE: Titan Oil and Gas Inc.
Titan Oil and Gas Inc.
Brandon Toth
Domestic: 1-888-831-TNOG (8664)
International: 1-512-897-1813
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Website:
http://www.TitanOilandGas.comBlog:
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