SOURCE: Titan Oil and Gas, Inc.

April 20, 2007 16:00 ET

Titan Oil and Gas, Inc. -- Settlement Marks the Completion of the First Phase of Reorganization

Continuing the First Phase of the Titan Oil and Gas Turnaround, the Management Team Has Reached a Settlement With the Company's Main Creditor

SAN ANTONIO, TX -- (MARKET WIRE) -- April 20, 2007 -- Titan Oil and Gas, Inc. (PINKSHEETS: TNOG) has negotiated its settlement with RR Ventures, d.b.a. Bulldog Well Service. The arrangement was made as part of the management team's multi-phase reorganization plan. "This is an integral step in getting Titan back on track to becoming the company that investors had envisioned," according to company Vice President Brandon Toth. The payments to Bulldog Well Service will be a combination of cash and restricted stock. The cash component of the settlement will come from the sale of oil and gas from both producing wells and current wells about to go online.

The settlement was reached in an out of court agreement between the two companies after the suit had been filed in the 81st Texas Judicial District Court. Named as plaintiff in the suit was Titan Oil and Gas and Kent Jacobson. While Mr. Jacobson was named in conjunction with Titan in the suit, management has chosen to sever their ties and make restitution without incurring further complications. "Rather than belaboring the point, we thought this step was important so that Titan could move forward," company president John Marconette stated, when asked to reflect on the agreement.

With the agreement, both management and the company's newly empanelled advisory team came to consensus as to the importance of this part of the first phase. Bulldog Well Service has showed a demonstrable amount of confidence in Titan Oil and Gas' ability to achieve projected production by the terms of the agreement. This agreement also brings to a close the first part of the phased turnaround framework, leading to production as the focus in the management's second phase. Updates will be forthcoming regarding actual production numbers.

ABOUT TITAN OIL AND GAS, INC.

Titan is an energy company with interests in oil and gas development, drilling and production. Titan follows a conservative business model, focusing on redevelopment of oil and gas fields with a history of production, and also, 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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