Canetic Resources Updates Acquisition of Titan Exploration

Canetic Resources Trust and Titan Exploration Ltd. jointly announced that as of 12:00 p.m. (Calgary time) on December 31, 2007, approximately 26,528,684 Titan A Shares (TTN.A) and 743,005 Titan B Shares (TTN.B) had been validly deposited pursuant to the previously announced offer of Canetic Titan Ltd. to acquire all of the issued Titan A Shares and Titan B Shares, on a fully diluted basis.

The Offeror will take-up all Titan A Shares, including Titan A Shares issued upon conversion of Titan B Shares deposited subsequent to December 19, 2007, in accordance with the previously announced conversion provisions.

Shares validly deposited pursuant to the offer represent approximately 89.6 percent of Titan A Shares, calculated on a fully diluted basis, including the number of outstanding Titan A Shares that will be issued on conversion of the remaining outstanding Titan B Shares into Titan A Shares. The Offer remains wholly unconditional and has been further extended until 12:01 a.m. (Calgary time) on January 11, 2008, to allow Titan shareholders an additional opportunity to tender their shares. A notice of extension will be mailed to Titan shareholders.