SAN ANTONIO, Texas, Oct. 7, 2004 (PRIMEZONE) -- Titan Consolidated, Inc. (Pink Sheets:TTCS) reports that it has completed installation of gas pipe to the wellheads of its 2 major wells, and final electrical wiring is being done on the H2S Sample Monitor for gas processing. With the purchase agreement by Midway Pipeline already in place the Company anticipates sales of natural gas from the Stanley Unit (Austin Chalk) Wilson County, TX. to begin by the end of this week.
It is very difficult to determine exact reserves in the Austin Chalk because of the nature of the reservoir, as it is made up of fractures and fissures. From the extent of the field -- approx. 3 miles long and approx. 3/4 mile wide -- we can assume a minimum of two million barrels of recoverable oil are still in place. This would mean over $84,000,000.00 of gross oil revenue at today's prices.
We can also assume a recovery of approx. two mcf of gas/bbl of oil recovered which would give additional gas reserves of approx. four million mcf. This would mean over $20,000,000.00 of gross gas revenue at today's prices.
Titan CEO Kent Jacobson comments: "We are pleased to reach this important milestone as a Company, as we begin the production phase of our operations."
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Titan Consolidated, Inc.) contains statements that are forward looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.