Titan Oil and Gas Inc. (Pink Sheets: TNOG) 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.
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