TNOG--PRESS RELEASE: July 9, 2008
Titan Oil and Gas Has Acquired a Producing Oil and Gas Project with 61 Wells in Pennsylvania
Titan Oil and Gas Acquires Producing Crows Run Oil and Gas Project in Beaver County Pennsylvania
AUSTIN, Texas--(BUSINESS WIRE)--Titan Oil and Gas Inc. (Pink Sheets:TNOG - News) has made the first of its planned acquisitions with the Crows Run Project (CRP) in Western Pennsylvania. CRP represents a significant turning point for the company as it can now claim 27 wells in production as it moves to maintain and rework all 61 wells included in the deal.
Oil production for the previous three years is as follows;
2005 - 846 bbl 2006 - 1,172 bbl 2007 - 654 bbl
The total three-year production was 2,672 bbl, or an average yearly production of 890 bbl. Additionally, the connection of an approximate 300 foot pipeline to Columbia Gas of Pennsylvania will produce over 2,000 MMBTU per month, in its current form, based on 2003 production levels. Included in the acquisition is $55,000 worth ($500,000 initial value) of equipment, a CD used to secure the blanket bond valued at $28,000, a contract to sell oil to Ergon http://www.ergon.com/main.html)and a Pennsylvania EPA license for the project.
The full technical report is available on the website at:
http://www.TitanOilandGas.com/docs/Crows-Run-Report.pdf
The well sites are located in areas of proven production in Western Pennsylvania. CRP's original estimated reserves were calculated in excess of 13 million bbls in the eighties (see technical report), with very little production to reduce this figure in the interim. The best well produces 5 bbls of oil per day while others produce around 1-2 bbls of oil per week. Since being drilled in the '80s, the wells have had little in the way of maintenance (average rework cost is $5,000-7,000 per well). These production numbers will dramatically improve by simply removing paraffin build up and updating pumpjacks.
Other improvements will be made with the application of modern stimulation and enhancement techniques that compound production increases. Titan estimates that with simple maintenance, wells producing 1-2 bbls a week would move to that same figure per day as well as bringing online many that have been choked into nonproduction. Titan management looks at this as a first step in its acquisition plan that will include the use of a special preferred share class, which will be presented and described in the business plan as well as at the annual general meeting to gain stockholder approval in the coming months.
According to Titan Oil and Gas President Brandon Toth, "What we have with Crows Run is a project that can bring us current production but promises something much more enduring. This is really a low risk endeavor with current producing wells that have never been fully exploited. There are significant reserves of oil that can be accessed with simple maintenance. We will also be working with a technology partner that can enhance these wells for much lower prices than were paid just five years ago using a directional water jet that breaks right through surrounding formations. This technology lessens the impact on the environment."
PRESS RELEASE: July 7, 2008 10:00 am ET
Titan Oil and Gas Appoints Board Member and Local Geologist to Oversee Newly Acquired Producing Leases
Titan Oil and Gas Appoints Jon Bialy to the Board of Directors after Signing a Purchase Agreement for Producing Oil and Gas Leases and Assets in Pennsylvania
AUSTIN, Texas--(BUSINESS WIRE)--Titan Oil and Gas Inc. (Pink Sheets: TNOG) is pleased to announce the addition of Jon Bialy to the Board of Directors. Jon also is taking his place as Vice President in Charge of Operations in Pennsylvania. He is integral to helping the company with its asset and well acquisition in the area. His connections and experience are necessary to help Titan acquire additional revenue producing projects as well as operations and production enhancement of these projects. Mr. Bialy joined the board as part of this agreement to sell his company’s producing oil and gas leases and assets. A detailed announcement will be made after management completes the technical report on the project.
The company is also happy to bring aboard Dan Billman as advising geologist in the state of Pennsylvania. Dan is a registered professional geologist in the state and has almost twenty years of experience in the Appalachian Basin, with the last fifteen as a consulting geologist and President of Billman Geologic Consultants, Inc. He has performed numerous geologic and economic reviews of natural gas and oil exploration prospects throughout the area. Dan is also a member of the American Association of Petroleum Geologists and is currently the AAPG delegate representing the Pittsburgh Geological Society. He is the former president (two terms) and treasurer (two terms) of the Pittsburgh Association of Petroleum Geologists and currently the president of the Eastern Section of the AAPG.
PRESS RELEASE: June 20, 2008 New Member to Titan's Board and Updating Our Information On Pinksheets.com Making sure we are current regarding our information and disclosures is a crucial step in regards to the turnaround process. We see this as marking a transitional point. We had a flurry of information that came out in quick succession when we were getting a number of interrelated financial issues addressed. Now as we move more fully into developing projects the news may come a bit less often but what we will be saying is much more substantial. We will be dealing less with process related items and more with those that will positively affect the balance sheet.
Titan Oil and Gas Announces the Addition of a Board Member and Updates Information on Pink Sheets Listing Service Titan Oil and Gas Has Posted Both Its Disclosure Statement And Financial Filings As Required By Pinksheets.com To Meet Requirements for Full Compliance
AUSTIN, Texas--(BUSINESS WIRE)--Titan Oil and Gas Inc. (Pink Sheets: TNOG - News) is pleased to announce the addition of Mr. Shelby Clark to the Board of Directors. He will also be taking the positions of Secretary and Chief Legal Officer (CLO). Mr. Clark's experience in the small cap market is invaluable to our plans to move forward with project acquisition as well as bring the company's corporate books up to date. He holds a law degree from the University of California, Hastings, where he graduated magna cum laude and edited the Hastings Law Journal. Mr. Clark is admitted to the state bar associations in both California and Oregon. Mr. Clark's expertise ranges from seed-round and subsequent equity funding, bridge-note and other debt financings, acquisitions, and assisted on significant transactions up through initial public offerings. http://pinksheets.com/pink/quote/quote.jsp?symbol=tnog#getQuote He will also help the company achieve "Current Information Provider" on PinkSheets.com as well as help the company move to start our SEC filings. "I enjoy structuring innovative transactions and developing approaches that benefit all parties in business deals and partnerships," said Mr. Clark of his position's role within the company. "Our ability to act quickly and effectively, and the developing trust we have with our partners, pave the way for further growth."
PRESS RELEASE: June 4, 2008 8:00AM
Titan Oil and Gas Management Completes Trip to Kern County While Assessing Current and Future Projects
Titan Oil and Gas Inc. (Pink Sheets:TNOG) Management’s first order of business upon arrival in Kern County was going over its lease with Mr. Nahama. After consultation it was determined that a data set be developed so that a deeper target, around 5000ft., necessitated by the schist formation lying below the 3000 ft horizon previously targeted in past attempts to drill on the lease. Management also discussed a number of possible joint ventures regarding existing leases in the area (detailed below.) According to Titan Oil and Gas President Brandon Toth, “It’s obvious that much of the oil and gas development in successful wells surrounding our lease have gone deeper than the shallow wells that were considered the norm in past decades. Drilling into what is termed the basement reservoir has proved for many local operators a successful completion.” The meetings with Nahama Oil and Gas (NOG) looked at a number of organizations that have projects that would benefit from a joint venture with Titan Oil and Gas. These company’s interests are driven by organizational issues that have kept producing wells out of production and would also benefit from new technology that Titan in association with NOG has proposed to use. Introductions came from NOG management and were connected with organizations that have projects within renowned zones such as Midway-Sunset, South Belridge, Edison, Kern Bluff and Kern Front Fields.
PRESS RELEASE: May 19, 2008
Titan Oil and Gas Ends Eberle Connection Delays While Preparing for Production May 19, 2008 9:00 AM ET
All BusinessWire news Titan Oil and Gas Inc. (Pink Sheets:TNOG) is pleased to release its detailed due diligence report on the Eberle #1 well in Bastrop County, Texas. This comes at a time when The Eberle #1 has been prepared and is ready to be moved into production as soon as it is connected to a gas pipeline. The well had previously been in production and has since been completely reworked including hydraulic fracturing. Titan Oil and Gas management is currently securing right of way which will allow it to connect to a natural gas pipeline in the area. Since the well itself is fully reworked and prepared, connection is the only step that is left in moving the Eberle #1 to revenue production. In the hydraulic fracturing process, sand is forcibly injected into the formation at extremely high pressures, to a radius which can extend up to 200 feet outward from the well. Prior to fracturing the well it was determined that 30 mcf was being produced without stimulation. Historical data demonstrated up to 178 mcf of gas per day according to earlier reports. Titan Management was pleased to be notified by the operator about unexpected oil pressure that was identified after fracturing as well. The Eberle #1 well has a history of production of up to 170 barrels of oil per day. At this time Management has contacted the operator and is expecting to update the public once the connection has been made. Please view the entire report by clicking or pasting this link: http://www.titanoilandgas.com/docs/TNOG-Eberle-Lease-Report-05-18- 08.pdf (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
PRESS RELEASE: MAY 14, 2008
Titan Oil and Gas Engages Nahama Oil and Gas To Advise On Kern County Operations
May 14, 2008 9:00 AM ET All BusinessWire news Titan Oil and Gas Inc. (Pink Sheets:TNOG) is pleased to announce that Nahama Oil and Gas with its founder Rodney Nahama have agreed to work with the Company in order to assess and develop its current and future projects in Kern County, California. Mr. Nahama has more than 40 years of experience in petroleum exploration and development in the region. "We believe Nahama Oil and Gas' experience working with smaller independent companies in this region makes them the best fit both culturally and in terms of the bottom line for Titan," according to Titan Oil and Gas President, Brandon Toth. Mr. Rodney Nahama has discovered some of the largest producing wells in California. Mr. Nahama was a member of the board of Royale Energy, a Nasdaq listed company. He worked as an exploration geologist for energy companies prior to co-founding the Nahama & Weagant Energy Company in 1979. As a Petroleum Geologist, Mr. Nahama has provided the benefit of his expertise not only to Royale Energy but also Honolulu, Franco Western, Getty, and Sunray Oil Companies. Mr. Nahama is a member of the American Association of Petroleum Geologists and the San Joaquin Geological Society. His expertise in exploring, developing, producing and selling natural gas in California and Oregon is well recognized throughout the United States.
PRESS RELEASE: MAY 7, 2008
Titan Oil and Gas Initiates Development Of Kern County Project Management's geological research shows that the Kern County lease is within the Ant Hill, Edison and North East Edison formations.
AUSTIN, Texas -(BUSINESS WIRE)- 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.
PRESS RELEASE: May 2, 2008
Titan Oil and Gas Reaches An Agreement With All Major Creditors Friday May 2, 9:00 am ET Titan Oil and Gas Has Reached An Agreement That Addresses and Satisfies All Major Debts Owed By The Company
AUSTIN, Texas--(BUSINESS WIRE)--Titan Oil and Gas Inc. (Pink Sheets: TNOG - News) management has secured settlements with all major creditors. These negotiations struck a similar tone to those that addressed the company's legal issues; in that the strength of management's plan to move the business forward was a key factor in the process. Titan Oil and Gas had a liability of approx. $871,664 before management entered into talks with company creditors. Through negotiation, the amount was revised down to $641,959, a reduction of $229,685 or more than 26%. This figure includes all remaining debt other than monthly expenses. 65% of the negotiated amount will be amortized over a 36 month period. Due to their confidence in the business plan the remaining 35%, which includes management, will be taken in the form of stock as a longer-term investment. As with the legal settlements, Titan will also pay only the remaining principal, not interest, to these creditors. The agreement was possible because each creditor was encouraged by company management's plan to generate the funds necessary to meet these newly amended obligations. Management wants to clarify that these settlements will not require a reverse split and that Titan will not consider a reverse split as a means to further the Company. "We appreciate that they have found our plan to be supportive of all of our interests," Brandon Toth, Titan Oil and Gas President, stated in reference to the adoption of Titan's terms for settlement. 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.
PRESS RELEASE: April 28, 2008
Titan Oil and Gas Settles the Maupin Lawsuit Monday April 28, 1:15 pm ET Titan Oil and Gas Has Reached A Settlement That Addresses All Claims By Maupin, et al.
AUSTIN, Texas--(BUSINESS WIRE)--Titan Oil and Gas Inc. (Pink Sheets:TNOG - News) has reached a settlement that amends the $486,595(A) originally stated in the lawsuit proffered by Maupin, et al. The settlement, which was negotiated out of court, saw the amount reduced by over $300,000 to $179,477. The amended amount of $179,477 represents a 62% reduction over the initial amount sought by the plaintiffs. The agreement amortizes the debt over a 36 month period. The settlement also states that Titan Oil and Gas is only responsible for repaying the principle amount, there is no interest payment requirement stipulated in the agreement. The agreement was made on the strength of the new business model and anticipated cash flows, which was seen as integral to meeting the terms of the settlement agreement. “We are finding that many parties that had taken an adversarial relationship with Titan are now willing to work with me and the new management team in addressing previous issues,” according to Company President Brandon Toth. He continued, “We have presented the plaintiffs with what the company could do for them and then agreed upon the settlement, while maintaining a win-win situation for Titan and its stock holders.” (A) Management wants to point out that after review with Company attorneys the total amount sought was $486,595 not the $369,000 discussed in an earlier release. 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 Titan Oil and Gas Inc., 720 Brazos Street, Suite 1115, Austin, TX 78701; Domestic: 1-888-831-TNOG (8664); International: 512-897-1813; Email: Info@TitanOilandGas.com; Website: http://www.TitanOilandGas.com; Blog: http://www.TitanOilandGas.com/wordpress Contact: Titan Oil and Gas Inc. Brandon Toth, 1-888-831-TNOG (8664) International: 512-897-1813 Info@TitanOilandGas.com Website: http://www.TitanOilandGas.com; Blog: http://www.TitanOilandGas.com/wordpress -------------------------------------------------------------------------------- Source: Titan Oil and Gas Inc.
Corporate Update April 21, 2008
Settlement Marks The Beginning Of Comprehensive Turnaround Posted in Titan Oil and Gas News April 21, 2008
The Manitoba LTD. settlement lies to rest a major source of uncertainty for Titan Oil and Gas as it moves towards doing the same in regard to all pending legal and financial issues. Current management sees this settlement as putting to rest the largest of a number of past arrangements that impede the progress of Titan Oil and Gas. These items have presented challenges to Titan in its efforts to make good on a comprehensive turnaround. Now management is moving forward to address these past arrangements and move successfully into the future. The Manitoba was, in many ways, our biggest hurdle. By managing to be free of both the financial and legal claims we have avoided what would have been a major setback for the Company. Now we can look forward to creating new opportunities as well as lying to rest other issues in order to speed the turnaround process. You should know that we are currently in the process of attending to other plaintiff’s actions. We have begun to mediate these settlements, negotiating in a manner that will neither harm the company or its stockholders. The process is encouraging and is showing how much can be achieved by facing challenges head on. We intend to build on our momentum to expand the company as well. Titan Oil and Gas President, Brandon Toth, is creating a comprehensive business plan that will outline how the Company will move forward in strengthening both its projects and as an organization. We are happy now that we can share just one of the reasons we have remained so optimistic regarding the future of Titan Oil and Gas. The following is the link to the announcement of the settlement, April 21 Press Release.http://biz.yahoo.com/bw/080421/20080421006098.html?.v=1 These are the pdf’s of the court documents pertaining to the settlement; First Order Of Dismissal http://www.titanoilandgas.com/docs/Order-of-Dismissal-Pusuant-to-Stip-Teuma-signed-4-21-08.pdf Second Order Of Dismissal http://www.titanoilandgas.com/docs/Order-of-Dismissal-Pusuant-to-Stip-Lowded-signed-4-21-08.pdf Please read our Full Disclaimer http://www.titanoilandgas.com/disclaimer
PRESS RELEASE April 21, 2008
Titan Oil and Gas Lawsuit Dropped With Manitoba Monday April 21, 1:15 pm ET The Manitoba LTD. Settlement Lays to Rest a Major Source of Uncertainty for Titan Oil and Gas as It Moves towards Resolving All Pending Legal and Financial Issues
AUSTIN, Texas--(BUSINESS WIRE)--Titan Oil and Gas Inc. (Pink Sheets: TNOG - News) announces that the federal lawsuit brought by Manitoba LTD. has been dismissed after a settlement was agreed upon among all parties. The settlement releases Titan Oil and Gas from any monetary claims made by Manitoba LTD including: Money damages from Titan for profits lost by Manitoba, An appointment of a Manitoba nominee to its board of directors, A requirement of payments to be equal to the aggregate market cash value of all shares claimed by Manitoba at the highest value, 8 cents per share, subsequent to the Settlement Agreement and entry of judgment, Damages for unjust enrichment received by reason of the assignment of the entirety of two money judgments, A restriction on the company in its ability to release shares and pay dividends, Responsibility for the costs of the suit, including reasonable and necessary attorneys fees, Post-judgment interest at the highest rates allowed by law, Manitoba’s claim they were due in excess of 170 million shares of TNOG stock, Such other and further relief, both at law and in equity, to which Manitoba may be justly entitled. Titan Oil and Gas is released from any and all liabilities concerning Manitoba LTD. With the settlement, Titan has addressed what was a long standing issue that the company needed to resolve before moving forward. “This is the beginning of arrangements made by company management to completely address all outstanding legal and financial claims in preparation for a complete restructuring,” according to Titan Oil and Gas President, Brandon Toth. Contact: Titan Oil and Gas Inc. Brandon Toth Domestic: 1-888-831-TNOG (8664) International: 512-897-1813 Email: Info@TitanOilandGas.com Website: http://www.TitanOilandGas.com Blog: http://www.TitanOilandGas.com/wordpress
Titan Oil & Gas Corporate Update April 14, 2008
Stockholder Questions Q.) Assuming that Titan's representatives are not under a court-mandated silence, it would be greatly appreciated by investors if you'd include something in the next newsletter about the status of the Manitoba lawsuit. A.) Thank you very much for your email and inquiry regarding the current status of the Company. The pending legal actions that we are engaged in specifically referring to Manitoba and Maupin will be properly updated as soon as we are legally capable in doing so. We will make press announcements to update the latest activities and follow up with explanations in the blog and newsletters to meet your request. To give you the best answer I can at this time, we have already singled out each problem and already are moving toward a solution that will work for stockholders. Please stay in touch and keep the feedback coming! Q.) I am Justin, an investor from Canada. I have emailed TNOG many times in the past to find out the company's goals and future prospects. I just recently read your April 9, 2008 blog and I agree with management's statement that a stock split would be detrimental to TNOG at this time. Thanks for clarifying that as I believe there were many people curious as to how TNOG will fund future projects. I am glad that a split is not an option that is being explored. Thanks a bunch for the new blog as it has once again proven very useful A.) We are pleased to hear from you and listen to your feedback. In the past management has neglected properly listening to and informing investors of information they should rightfully know! It is the belief and plan by current management to be sure to use these mediums to offer strategic and operational points of view to stock holders and seek feedback to truly build a Company for the stock holders. As we move to eliminate the current issues at hand we will be sure to discuss our plans for the future of the Company and what direction we are headed. Please keep the feedback coming! Q.) Brandon.. I have basically only a few of questions. does Titan have any projects in the Works? If they do how would they be financed? Is there any thoughts regarding a reverse split to possibly generate operating cash? Finally, is there any reason for any investor to think we have a shot here? Thanks in advance.. Fred. A.) Hi Fred, The current situation is to single out each problem and solve them. From there we already have made significant progress into forward looking expansion plans. The details will of course have to be saved for official announcements but we haven't wasted any time during this turn around process. There are a variety financing options available to the Company including: joint ventures, secured loans, other debt, secured notes, borrowing against production and private placements. At this time it is our belief that a reverse split would not be in the best interest of the shareholders. Accordingly, we will move to seek stock holder feedback on all major decisions many of which will require voting via proxy. "Is there a reason?" Well we can only state that it is our very intention to bring to the stock holders of Titan something the past has never delivered. As we make further announcements and share our visions of the future you can decide for yourself. Keep the feedback coming and we will promise to address any and all suggestions and concerns. Brandon J. Toth President, Titan Oil and Gas
Corporate Update April 3, 2008
A Journey Of A Thousand Steps
We are continuing to clean up all aspects of Titan Oil and Gas. We admit that it has been slow going and that we have not had a rush of new and exciting information. You must know that we are making progress. We do not want to make the mistake of our predecessors, creating press releases that promise our shareholders something the company may not be able to deliver on. We are here working hard for real change and value creation. Know that we have been left with a laundry list of items to complete that aren't very interesting but are essential for the success of Titan Oil and Gas. A great deal of the work we are doing directly affects our Company's projects, status and financial filings. Be assured that we are working our way down that laundry list. Also know that management and consultants haven't taken any stock or cash from the Company since the beginning of 2007. I continue to work for the success of the company because of my optimism for its future, otherwise I would have moved on. You see I am also a shareholder and I believe there is value in the Company's projects and potential. None of these will matter if fundamentals like legal, debt and a host of housekeeping chores are not successfully completed. Some of you have pointed out items on this list and have asked me why they have not been completed first. Any of these items that have not been addressed has been deemed less important than those that will ultimately decide the future of Titan Oil and Gas. Firstly, we are working on legal and financial concerns tirelessly because they are the most important. Once these are settled then we will complete the other items in order of importance, most importantly is bringing in projects that I have negotiated for with my contacts. No new projects can be brought in until their owners are assured that the Company is free of these liabilities. These projects must wait till we work on our biggest challenge which is settling all legal and financial obligations that Titan Oil and Gas has. We are sure though that upon satisfying them that Titan can deliver on our expectations.
Brandon J. Toth President, Titan Oil and Gas
Corporate Update March 28, 2008
Reasons For Optimism
I would like to take the opportunity to discuss a few questions that have been posed to me over the past few weeks. First though I want to thank you for both your support as well as the sincerity you have used in asking a number of tough questions. The biggest of these has been; why do you have a positive outlook on the future of the company? Instead of answering each of you individually, I wanted to discuss my outlook which has been the basis for a number of your inquiries. The reason why I have a positive outlook is because we have given you a look at what issues we are dealing with and the market has responded. While the response hasn't been ideal it hasn't been troublesome either. In many ways the market had anticipated these challenges and the price had already reflected them. Obviously, the company has experienced an absence of leadership, giving way to a number of unaddressed issues growing in size and complexity. The lack of leadership lasted the better part of a year, a year where I was actively attempting to take on this role but had been thwarted until now. I will not claim that I am the ideal person for this role permanently, but as we lay to rest many of the Company's challenges my skills as a negotiator and a communicator are an essential asset for Titan Oil and Gas. So now that I have moved into leadership at Titan I can work through these issues. We have clearly identified and disclosed each, at least as much as regulations and legally we can, so that we may share with you when they have been solved. Rest assured too that our legal council is actively addressing those issues that require their attention as well. We are also busy developing what assets we have and actively looking for others to bring on board. These are the reasons that I remain optimistic for the future of Titan Oil and Gas.
Brandon J. Toth President, Titan Oil and Gas Titan Oil and Gas
Corporate Update March 25, 2008
Challenges Of The Past, Outlook For The Future
As Titan Oil and Gas moves forward we would like to acknowledge that we have decided to break with a number of the previous management's decisions. One area where we have seen little value creation is in the use of Investor Relations and other promotional groups that provide very little long term value for the company or its stockholders. One part of using these groups that offers no advantage is the amount of stock they take as pay for their work. This stock is then sold off, driving down share price and value for investors. Putting that issue to rest, we want to look forward to what we plan to do regarding company fundamentals. We are working with associates, stockholders and other advisors as we continue to develop the company in order to increase long term value for all of us involved with Titan Oil and Gas. The reason for this is to point out that we are very aware of how former Titan Oil and Gas was prone to a number of activities that led to dilution of value. Whether through fund raising, investor relations or other promotional activities, we are not going to be a part of activities that will further diminish the value of Titan because it is not in ours or your interest to do so. With this new spirit of openness in mind we want to also suggest that stockholders come forward with their questions, ideas and comments. As many of you already know we have implemented the Titan Record, both as a blog and newsletter, as a means of sharing perspectives with each other in an effort to build the company. We have also decided to create a more comprehensive disclaimer for all Company communications. --
PRESS RELEASE 3/11/08
Titan Oil and Gas Provides Corporate Update Tuesday March 11,2008 12:30 pm ET
AUSTIN, Texas-(BUSINESS WIRE)-Titan Oil and Gas Inc. (Pink Sheets:TNOG - News) announces changes in management, oil and gas operations, outstanding legal issues and debts. On December, 13th 2007 the interim President and Director Mr. John Marconette resigned from any official role or involvement with Titan to pursue other business interests. During the course of 2007 the Stanley Lease was lost due to inactivity on the wells. In Bastrop County initial target hook ups on the Eberle well were delayed and management does not have any updates to provide at this time. Pete Maupin and parties affiliated with the Stanley Lease filed suit on December 24, 2007 seeking restitution in the amount of $369,000. Titan counsel has yet to mediate or go to trial. Also Titan's legal counsel is due in federal court on the subject of Manitoba and plaintiffs during the month of March. Titan still owes Bulldog Well Services approx. $108k which was mediated out of court in 2007 but remains outstanding. Currently the financials are being reviewed and there is approximately $700k in debt without any considerations made to potential settlements on outstanding issues.
Titan Oil & Gas Current Projects
Bastrop County Project, Texas Approx. 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. GEOGRAPHY OF THE AREA: General – this general area is made up of gently rolling hills which decline down to the coastal plain to the south. It is bounded in the north by continued rolling hills which become less pronounced and rise to the plains of eastern Oklahoma. It is bounded to the west by the “hill country” of Texas which comprises pronounced rolling hills. And it is bounded on the east by the flat “piney woods” of east Texas. Local area – this local area is made up of gently rolling hills from which the soils have eroded into the Colorado River valley as it passes through Smithville leaving rich farmland in the river valley. Consequently the hills in this local area are left with rocky soils which support only pine trees and scrub brush unless the landowners have improved their pastures for grazing purposes. This immediate area is known as the “lost pines” of Texas as this area is removed from the piney woods of east Texas by over one hundred miles, but is covered by a heavy growth of pine trees. GEOLOGY OF THE AREA: General - the general area covered by this report is traversed by several major faults NE / SW which are generally up-to-the-coast faults. Consequently “strike” in the area is generally NE / SW with the beds dipping down to the coast in a southeasterly direction. Immediately east and slightly down-dip from this area lies the Serbin (Taylor Sand) Field which this author was nstrumental in developing having been directly or indirectly involved in over 50 wells drilled in the field. This field produces from a Taylor Sand that “pinches out” up-dip forming a “trap” for the hydrocarbons. Farther east, slightly down-dip, and underlying part of the Serbin (Taylor Sand) Field is the large Giddings (Austin Chalk) Field. This field produces from fractured Austin Chalk in the general Austin Chalk Trend of South Texas. Specific – the leases acquired for this project lie between two major up-to-the-coast faults causing fracturing in the carbonates throughout the area. The sands are potentially “trapped” into the up-thrown side of the major (500+ ft.) up-dip fault. This gives the potential for several “pays” from the target zones under these leases.
Titan Oil and Gas, Inc. - Leases Signed in Kern County California Titan Oil and Gas Has Signed Oil and Gas Leases on 480 Acres in the Southwest United States' Largest Prolific Area, Kern County, California
SAN ANTONIO, TX--(MARKET WIRE)--Apr 27, 2007 -- Titan Oil and Gas, Inc. (Other OTC:TNOG.PK - News) is pleased to announce as part of the second phase of reorganization, the acquisition of 480 acres of oil and gas leases in the prolific Kern County, California region. "If Kern County was a state it would rank just behind California and ahead of Oklahoma in the production of oil," Brandon Toth - Vice President of Communication. The leases were purchased based on the proximity to major oil producing fields whereas the undeveloped land in the region is thought to be a prime target for new development. Kern County is California's top oil-producing areas; it contains 85% of the state's 43,000 oil wells. The County is one of the largest producing regions in the country with three of the top five wells in the country. The largest of these is the Midway-Sunset field that produced more than 39.7 million barrels of oil in 2006, according to the California Division of Oil, Gas & Geothermal Resources. The county is responsible for upwards of one percent of the total production of oil in the world. "The undertaking is large but the potential rewards obviously make all of us excited about moving forward," stated John Marconette, the company's President. The project was located by new management through their connections in oil and gas industry and the rights were purchased by Titan Oil and Gas. It lies east of Bakersfield and is surrounded by such mega fields as: Ant Hill, Edison (144 million barrels extracted as of 2000), and Kern Bluff. Oil operators in the area include: Chevron, Southern Oil and Gas, Western Petroleum Co., Mobil Oil Corp., and Stockdale Oil and Gas to name a few. Plans include a strategic review of the area and potential on our 480 acres as well as entertaining joint ventures with similar minded oil and gas companies on this field. Having met the benchmarks of the first phase of the turnaround the leadership of Titan Oil and Gas have set about with implementation of a wide variety of strategies in their production oriented second phase. The Kern County operation represents just one aspect of this as others will follow.
~~~TITAN'S NEW PROJECT~~~
Kern County Oil Industry http://www.sjgs.com/oilfacts.html EBERLE #1 UPDATE 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
SAN ANTONIO, TX--(MARKET WIRE)--Apr 30, 2007 -- Titan Oil and Gas, Inc. (Other OTC:TNOG.PK - News) 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.
Titan Oil and Gas, Inc.-Bastrop Project Successful-Gas Well Completion in Taylor Sand Formation
SAN ANTONIO, TEXAS--(MARKET WIRE)--Aug 24, 2006 -- Titan Oil and Gas, Inc. (TNOG: PK) is pleased to announce a successful conclusion to drilling operations at the Bastrop County site. During drilling we started to produce gas at appx. 5,000 feet. We have determined that we are producing from a Taylor Sand Formation. Gas wells from the formation in this area generally do not produce without a hydraulic fracturing treatment, so we have been extremely pleased to note that the well has been producing at the rate of appx. 30 mcf per day of gas without any stimulation whatsoever. While exact results cannot be predicted, a hydraulic fracturing treatment will now be applied and is expected to increase production rates dramatically. We will be calling out a crew to lay a gas line to connect to a nearby service to bring our gas to market.
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