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Titan Oil And Gas Has Commenced Operations In Pennsylvania
Austin TX (SPX) Aug 25, 2008 Titan Oil and Gas commenced operations at the Crows Run Oil Field as scheduled during the month of August. Titan's plan for the project has consisted of reworking and performing maintenance on all of its 61 wells in PA. With the help of Titan Board member Jon Bialy, Dennis Getty (Getty Well Services) and Chuck Brown (Petroleum Service Partners), Titan has formatted a plan and started the execution to bring all 61 wells online. To create more efficiency, it has been determined that Titan must improve field infrastructure to enable increased production. This involves the installation of additional tank batteries in strategic locations for increased storage capacity. As reworks come online and current producers expand their production, it is essential to increase our storage. Current tanks historically held only 600 bbl's in 4 tanks at a central collection point. The current tanks will require additional tests to ensure future reliability and may require replacement moving forward. In addition to reworking the wells, maintenance ranges from fixing access roads by trucking in additional gravel to brush removal. Commencement has begun in terms of getting the field ready to deliver oil and understanding the field dynamics. President Toth has already established negotiations for capital and/or service partners that will help minimize the financial requirement and time that the full rework will take. With the commencement of operations, Titan is additionally focused on its acquisition plans of additional recompletion targets in the area and in other strategic locations as well as an intent focus on the acquisition of environmentally sound businesses, including wind power, energy crops and biodiesel development. The release of Titan's business plan is being timed with execution of the proxy. Titan will require that all stockholders send in their votes to be heard in terms of their support, or lack thereof, of the expansion and acquisition plans. Related Links Titan Oil and Gas Powering The World in the 21st Century at Energy-Daily.com
Analysis: Iraq Energy Roundup
Baghdad, Iraq (UPI) Aug 25, 2008Iraq said it planned to sign a $1.2 billion deal with China's state-run oil firm, marking the first major oil deal since the U.S.-led invasion in 2003. Norwegian oil firm DNO said a license review by the Kurdistan Regional Government resulted in a cessation of oil output from the northern Tawke field. Political infighting and security concerns in Iraq are delaying any significant development on deals with international oil companies, officials said. Royal Dutch Shell said it was still in negotiations with Iraq on short-term service contracts despite claims by a top U.S. economic transition official there. |
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