Titan Oil and Gas, Inc.

Titan Oil and Gas, Inc.

August 01, 2005 12:12 ET

Titan Oil and Gas, Inc.: Titan Announces New Drilling Operations-Central Texas Project

SAN ANTONIO, TEXAS--(CCNMatthews - Aug. 1, 2005) - Titan Oil and Gas, Inc. (TNOG:OTC) is pleased to announce its new Central Texas Project, with a substantial land block now having been leased in Bastrop County in preparation for drilling.

Titan's initial drilling target is a re-completion of a well with initial production tests of between 123 and 170 barrels of oil per day, and between 84 and 178 mcf of gas per day, without stimulation. This initial target well is within a core lease block of 146 acres which has now been signed with Titan, along with a further 80 acres having been committed. The Company expects that it will soon have between 400-500 acres under lease, at which time it will immediately commence drilling operations on its target well.

Titan CEO Kent Jacobson comments: "We believe this well has very strong potential. If the results prove to be as strong as the data suggests, there are additional target wells within the lease block that will be good candidates for re-completion, as well as opportunities to drill new wells from the surface."

Jacobson further comments: "We are also pleased to note the recent passage of the long-awaited energy bill through the Senate, as it contains a $14 Billion package of tax breaks and subsidies for the energy industry. On initial review, we expect this will be extremely helpful as we engage in this, and further exploration and development of oil and gas projects. We have also qualified for 10-year Texas State severance tax exemptions on our present wells."

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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