Titan Oil and Gas, Inc.

Titan Oil and Gas, Inc.

June 21, 2005 10:30 ET

Titan Oil and Gas, Inc.-Major Debt Settled in Full

SAN ANTONIO, TEXAS--(CCNMatthews - June 21, 2005) - Titan Oil and Gas, Inc. (TNOG:OTC) is pleased to report that the majority of its debt has now been settled in full. This debt was in the form of outstanding judgments against the Company in the State of California, which arose from past operations before the present management of the Company was in place.

The Company entered into a contract with a Manitoba-based company and with the judgment creditors, in which the Manitoba-based company was to settle the outstanding judgments. The Manitoba-based company defaulted in its obligations to the judgment creditors as per the terms of the contract. Upon receiving notification from the creditors of the default, Titan was required to negotiate an alternate arrangement, under which the judgment creditors have acknowledged receiving payment in full.

As a result of the default of the Manitoba-based company, Titan has initiated legal action in the State of California, and a counter-claim has been filed. While the Company acknowledges that it is disputing the previous contract with the Manitoba-based company, it is pleased to announce that the alternate arrangement to settle these judgments in full has successfully eliminated the majority of Titan's debt.

Titan CEO Kent Jacobson comments: "Our success in eliminating the majority of the Company's debt will only serve to strengthen its position as we move forward with further developments and acquisitions. This is an extremely positive development for the Company."

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.

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