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Titan Oil and Gas, Inc.-Phase 2 of Drilling on Kosciusko #1 Well Underway
Wednesday April 6, 10:30 am ET
SAN ANTONIO--(BUSINESS WIRE)--April 6, 2005--Titan Oil and Gas, Inc. (TNOG:OTC) is pleased to report that the second, final phase of drilling on its Kosciusko #1 well is underway.
Titan CEO Kent Jacobson reports: "The deep workover rig from Capital Well Services, of Charlotte, TX, arrived on site yesterday and was set up along with the water tank, pipe racks and drill string. Drilling will begin this morning.
"As earlier reported, Kosciusko #1 is a re-completion of an existing horizontal well with a history of production. Phase 1 of drilling operations, conducted in January, 2005, involved drilling out 4 concrete plugs from the existing well casing to a total depth of 3,589 feet.
"Phase 2, now underway, involves a heavier rig capable of deeper drilling. We are drilling vertically through the remaining concrete plug at the bottom of the existing well casing, appx. 550 feet to a total depth of appx. 7,285 feet within the target formation.
"With high oil and gas prices, rigs capable of deep drilling are heavily booked. Periods of heavy rainfall result in a backlog as operations are postponed until the ground is dry enough to support heavy equipment. So, we are pleased to now have the rig on site to initiate Phase 2 of our drilling operations on Kosciusko #1. In upcoming days, we will post new pictures from the field on the company's website at: http://www.titanoilandgas.com."
Update on Stanley #1 and #1B:
After very strong production results on Stanley #1 in the month of January, the well was shut in so it could be put on pump, which was done in March. We had to swap out our down-hole pump to a different type to get the proper results, and a workover rig was called in to perform the exchange.
The well has been on continuous production since, with a mixture of water and oil being reported. As the water is pumped down and a consistent pattern is observed, updated results will be reported to our shareholders.
Stanley #1B has pump rods and an electrical control panel on order for delivery to the site. Another workover rig will then be ordered to finish installing the down-hole pump.
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.
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Contact:
Titan Oil and Gas, Inc.
Investor Hotline, 503-618-0370
info@titanoilandgas.com
http://www.titanoilandgas.com
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Source: Titan Oil and Gas, Inc.
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