Titan Oil & Gas (OTC:TNGS) today announced an update on corporate developments and the progress of its oil and gas projects in southern Alberta. As I write, shares of Titan were up 6 percent at $1.55 per share on heavy volume of 340,000 shares compared to its average daily volume of 345,000 shares. Titan has a market cap of $84 million and a 52-week range between $0.02 and $2.91 per share."We have closed the previously announced private placement of $400,000, bringing the total proceeds raised to approximately $680,000. Titan has allocated $280,000 for land acquisitions and working capital with the remaining funds to be used for development of existing projects and possible joint venture opportunities," said Jarnail Dhaddey president of Titan.
"Becoming a joint-venture partner would enable us to take part in a drill program that has significant upside to the company at a reduced cost. If the program is successful, it could establish Titan as a near-term producer and provide us with cash flow that would be used to hasten the development of our other southern Alberta projects."
Titan's Alberta land package totals 6,957 acres with projects in the Atlee-Buffalo, Bow Island, Eyremore, Retlaw, CFB-Suffield and Taber regions.
"We are also pleased to announce that a third party engineering firm has undertaken an initial assessment of our Alberta land package. The report confirms that we have acquired land in high-impact oil and gas regions and that we are well-positioned to pursue potential productive formations," said Mr. Dhaddey.
For more information on Titan Oil & Gas, please visit http://www.titanoilinc.com.
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