SOURCE: Titan Oil & Gas Inc.

January 10, 2011 09:30 ET

Titan Oil & Gas Announces Second Phase of Private Placement Financing

LAS VEGAS, NV--(Marketwire - January 10, 2011) - Titan Oil & Gas, Inc. ("Titan") (OTCBB: TNGS) is pleased to announce its board of directors has approved a non-brokered private placement of 200,000 common shares at a price of $2.00 for gross proceeds of $400,000. The private placement is expected to close within fifteen business days.

Titan will use the proceeds to further exploration plans on its southern Alberta oil projects and to fund future acquisitions. Currently, Titan's owns rights to 5,060 acres in southern Alberta and has projects located in areas of significant production including the Atlee-Buffalo, Bow Island, Eyremore, Retlaw and Taber regions.

"This private placement marks another important step toward our goal of becoming a near-term producer," said Jarnail Dhaddey, President of Titan. "Upon closing, our strengthened balance sheet will allow us to hasten our exploration efforts and acquisition schedule. Presently, we are looking at several acquisition opportunities that offer significant upside to the company and its shareholders."

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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