Titan Oil and Gas, Inc.: Update on Kosciusko Drilling Operations
SAN ANTONIO, TX, Sep 21, 2005 (M2 PRESSWIRE via COMTEX) -- Titan Oil and Gas, Inc. (TNOG:OTC) is pleased to provide the following update on its Kosciusko # 1 Well drilling operations.
Titan CEO Kent Jacobson reports: "A cement plug was set in preparation for drilling to our target zone. The drilling rig was appx. 100 feet beneath the bottom of the casing, and was dressing the cement plug in preparation for directional drilling. A sudden loss of mud circulation, perhaps due to a fissure, caused a buildup of cuttings that led to the drill bit being stuck.
"Acid was pumped down the 7" casing to dissolve the concrete around the drill bit. Also, acid was pumped through the 2 7/8" tubing. Afterward, a wire line crew fired a string shot to back off one joint above the drill collars, and the remaining drill string was freed.
"Upon further investigation, it seemed that the stuck bit was due to shale heaving into the hole, therefore, for the past few days we have switched to a mud system and have been thoroughly cleansing all cuttings and debris before proceeding further. As of the close of operations on Monday, the mud was clear of cuttings and debris.
"Yesterday, we successfully fished out the remaining portion of drill string. Cement is being poured today, and the directional drill crew is slated to commence work tomorrow, for an anticipated 3 days."
Titan Operations Manager Pete Maupin reports from the site: "The hole has cleaned up very well since we switched to a mud system. We had some delays as, with the high price of oil, mud and water trucks are in very short supply and operations take longer than in times past. We look forward to the arrival of the directional drilling crew to get us down to the target area, where we expect to find significant oil and gas deposits.
"Also, the 7" diameter casing in this well is very valuable, as most wells in the area are only 4 " diameter. Beyond the significant oil and gas deposits we expect to find as we conclude this phase of drilling, there is a further horizontal drilling target for this well that is available to us in the future. The large, 7" diameter casing allows for horizontal drilling operations which would be very difficult in a smaller-diameter casing. The Stanley # 1B Well also has a large, 5 " diameter casing which will more easily facilitate horizontal drilling."
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: Investor Hotline Tel: +1 503 618 0370 Tel: +1 888 601 9983 e-mail: info@titanoilandgas.com WWW: http://www.titanoilandgas.com
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