SOURCE: Titan Oil & Gas Inc.

January 04, 2011 09:30 ET

Titan Oil & Gas Announces First Phase of Private Placement Financing

LAS VEGAS, CA--(Marketwire - January 4, 2011) - Titan Oil & Gas, Inc. ("Titan") (OTCBB: TNGS) announces it has closed a non-brokered private placement consisting of 67,000 common shares at a price of $1.50 per share. Gross proceeds of the financing total $100,500.

"We are pleased to have completed this private placement and are in the process of raising additional funds through a second private placement," said Jarnail Dhaddey, President of Titan. "Our near-term plans are to use the proceeds of this financing to make further acquisitions and to advance our existing projects through various exploration activities."

Titan's southeastern Alberta land portfolio covers 5,060 acres and includes projects located in areas of significant production such as the Atlee-Buffalo, Bow Island, Eyremore, Retlaw and Taber regions. In addition, Titan also owns a 2.51255% working interest in an oil well located in Alberta and has acquired interests in two petroleum and natural gas leases in the province of Saskatchewan covering 326 acres.

"The high levels of interest we have received from private investors and the attractive terms we are able to negotiate demonstrate confidence in our projects and in our goal of generating long-term reserves and production. We are looking forward to a busy 2011," said Mr. Dhaddey.

Titan Oil & Gas, Inc. (OTCBB: TNGS) is a US-based publicly traded company aggressively exploring and acquiring land in key petroleum-producing regions of Alberta. Its projects are located in areas of excellent infrastructure and high drilling activity, and the company plans on using the most current and proven cost effective technologies to generate long-term reserves and production while maximizing shareholder value. For more information on Titan Oil & Gas, please visit http://www.titanoilinc.com.

This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in our filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at http://www.sec.gov.

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