SOURCE: Titan Oil & Gas Inc.

February 15, 2011 09:30 ET

Titan Oil & Gas Closes Financing and Seeks Production Opportunities

LAS VEGAS, NV--(Marketwire - February 15, 2011) - Titan Oil & Gas, Inc. ("Titan" or "the Company") (OTCBB: TNGS) is pleased to provide an update on corporate developments and the progress of its oil and gas projects in southern Alberta. 

"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."

Alberta is one of the most prolific regions for oil exploration and production in the world. The province contains an estimated 174 billion barrels of oil as well as an estimated 500 trillion cubic feet (Tcf) of gas in-place. 

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.

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.

Disclaimer
Titan Oil & Gas is a trademark of Titan Oil & Gas Inc. 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 Titan's filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at http://www.sec.gov.

Contact Information