Titan Acquires Stake in British Columbia Acreage
Titan Exploration has signed a strategic farm in agreement with an oil and gas income trust. The agreement gives Titan access to over 13,400 acres of land in the Fort St. John area of northeast British Columbia.
The Fort St. John area of northeast B.C. is characterized by large, high quality, multi-zone, long life oil and natural gas reserves. Access to infrastructure is good, and access is generally year round. Under the terms of the farm in agreement, Titan has committed to drill 3 wells and recomplete an additional 3 wells. The farm in agreement requires these commitments to be completed by December 1, 2005. In addition, Titan has identified a number of follow up locations.
"Titan is extremely pleased to have secured this farm in agreement. Northeast BC is a highly competitive area, where access to land is a major issue. This farm in will provide Titan with the initial base for a significant push of its exploration program into northeast BC in the coming year", stated Trevor Spagrud, President and CEO of Titan.
With the addition of the farm in, Titan now has access to an undeveloped land base of over 61,000 acres in western Canada and a current drilling inventory of 60 locations.
Titan is an emerging oil and gas company focused on the acquisition,
exploration, exploitation and development of oil and natural gas in western
Canada. Titan's business plan is to grow reserves and production to increase
shareholder value through a focused exploration program, strategic
acquisitions and exploitation. Titan's areas of focus include northeast
British Columbia, the Peace River Arch area of northwest Alberta and southwest
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- Canetic Acquires Titan, Declares Compulsory Acquisition of Class A Shares (Jan 11)