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Titan Oil and Gas Provides Corporate Update
Business Wire, March 11, 2008
AUSTIN, Texas -- Titan Oil and Gas Inc. (Pink Sheets:TNOG) announces changes in management, oil and gas operations, outstanding legal issues and debts.
On December, 13th 2007 the interim President and Director Mr. John Marconette resigned from any official role or involvement with Titan to pursue other business interests.
During the course of 2007 the Stanley Lease was lost due to inactivity on the wells. In Bastrop County initial target hook ups on the Eberle well were delayed and management does not have any updates to provide at this time.
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Pete Maupin and parties affiliated with the Stanley Lease filed suit on December 24, 2007 seeking restitution in the amount of $369,000. Titan counsel has yet to mediate or go to trial. Also Titan's legal counsel is due in federal court on the subject of Manitoba and plaintiffs during the month of March.
Titan still owes Bulldog Well Services approx. $108k which was mediated out of court in 2007 but remains outstanding. Currently the financials are being reviewed and there is approximately $700k in debt without any considerations made to potential settlements on outstanding issues.
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
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.
COPYRIGHT 2008 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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