Titan Loses Stanley Lease Due to Inactivity
Titan Oil & Gas reported that during the course of 2007, the Stanley Lease was lost due to inactivity on the wells. In Bastrop County initial target hook ups on the Eberle well were delayed and management does not have any updates to provide at this time.
Pete Maupin and parties affiliated with the Stanley Lease filed suit on December 24, 2007 seeking restitution in the amount of $369,000. Titan counsel has yet to mediate or go to trial. Also Titan's legal counsel is due in federal court on the subject of Manitoba and plaintiffs during the month of March.
Titan still owes Bulldog Well Services approx. $108k which was mediated out of court in 2007 but remains outstanding. Currently the financials are being reviewed and there is approximately $700k in debt without any considerations made to potential settlements on outstanding issues.