All public companies dilute, what matters is if they can create shareholder value that justifies it. With the budget to work with, they may actually have a chance to maximize gains in PA. Really what other choice is there?
Looks like its a start.
Due to President Toth’s residence in Pennsylvania over the last couple months he has been able to meet and network with a series of potential joint venture partners to minimize risk and raise the required capital to rework the entire field. For a reduced interest, Titan can move quickly to complete the field and realize maximum revenues. The initial step is to recomplete the infrastructure through a joint venture to deliver project revenues at a much quicker rate. As it stands right now, Titan has received two offers from a junior oil and gas producer in the region. One is to sell all of Titan’s interest for $200,000 and the second is to joint venture 50/50%, with financing for the entire project from infrastructure to rework. The proposal also includes the intention to fully explore drilling for deep well gas rights in the prolific zones of Western Pennsylvania. The partnership prior to any additional drilling plans will require Titan to furnish approximately $250,000 [$500,000 total estimated for full rework of all 61 wells] for its share of the joint venture.
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