Titan Oil and Gas, Inc.-Titan Acquires Rights to Develop and Produce 14 Oil Wells [GDNVLLJ]
CCNMATTHEWS
Titan Oil and Gas, Inc.
June 29, 2006 - 09:20:26 AM
Titan Oil and Gas, Inc.-Titan Acquires Rights to Develop and Produce 14 Oil Wells
SAN ANTONIO, TEXAS--(CCNMatthews - June 29, 2006) - Titan Oil and Gas, Inc. (TNOG:PK) is pleased to announce that it has obtained the rights to develop and produce a total of 14 oil wells in Caldwell County, Texas.
The anticipated cost for workover of an initial 4-well package is $75,000. If successful, net cash flow from the first 4 wells will be used for a workover of the remaining wells on the lease, until all 14 wells are in production.
Titan CEO John Haylock comments: "We are pleased to have acquired the rights to develop this package of wells. With the development plan spread over a number of wells, we feel that we are lessening risk while being able to proceed at a reasonable cost."
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Titan Oil and Gas, Inc. Investor Contact (503) 618-0370 or Toll Free: 1-888-601-9983 info@titanoilandgas.com www.titanoilandgas.com 29Jun06 13:20 GMT
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