Titan Oil & Gas, Inc. on Wednesday issued an update on the progress of its corporate development activities.
Between August and September 2010 Titan entered into seven Petroleum and Natural Gas ("PN&G") leases with the Alberta provincial government. Titan has acquired interests in a total land package covering 4,428 acres in southeastern Alberta.
Included in the leases acquired by Titan are projects located in the Atlee-Buffalo, Bow Island, Eyremore, Retlaw and Taber areas of the province.
"We believe the potential for our land is significant, and we plan on carrying out an exploration program to advance our projects in a timely manner," said Jarnail Dhaddey, President of Titan.
In April 2010, the Company executed a sale and conveyance agreement for the acquisition of a 2.51255% working interest in an oil well located in Alberta, Canada. Also in April 2010 the Company acquired an interest in two PN&G leases in the province of Saskatchewan. The total area covered by Titan's portion of the leases is 326 acres.
To date, the company has raised a total of $130,000 and is currently looking to raise additional funds to be used for the furthering of Titan's property acquisition and exploration plans. The company is currently examining a number of other assets in Alberta and hopes to add to its portfolio in the near future.
Titan Oil & Gas, Inc. is a publicly traded oil & gas company aggressively exploring and acquiring land in key petroleum-producing regions of Alberta.
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