Titan provided 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.
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