6 June 2013 TITAN ENERGY ACQUIRES PROVEN TEXAN OIL & GAS FIELD Highlights: • 100% WI acquired in proven oil & gas field • Two workover opportunities identified • Potential production of 75 bopd from each well • Estimated Ultimate Recovery of 200,000 bbls and 5 bcf gas Australian oil and gas company Titan Energy Ltd (ASX: TTE) (Titan Energy or the Company) is pleased to announce it has completed the acquisition of a 100% Working Interest (WI) in the proven Sargent Ranch oil and gas field in Brazoria County, Texas. Titan Energy has acquired the 337 acre project area for a one off cash payment of $98,366 to Seacoast Oil & Gas Inc. The project area is located approximately three miles (4.8 km) west of Titan Energy’s Allen Dome oil field and offers significant synergies for the Company. Sargent Ranch contains two shut-in wells previously drilled by Esenjay Petroleum and Santos Ltd in 2002 and 2003 respectively that Titan Energy is planning to return to commercial production via a workover programme. Titan Energy’s US team is currently designing a workover campaign for the Poole #2 and Poole #3 wells, which have been estimated to have the potential to produce upwards of 75 bopd and 1 mmcfd. If we are able to obtain sustained production Titan believes the Estimated Ultimate Recovery (EUR) for the Sargent Ranch area is 200,000 barrels of oil and five billion cubic feet of gas. Titan Energy is currently reviewing its options to undertake the two-well workover programme. “This is another strategic, low-cost acquisition Titan has identified as offering an opportunity to boost our current oil production in Texas,” It is an acquisition that aligns perfectly with our growing focus on the USA where we are building up a portfolio of assets in proven oil and gas producing areas,” Titan Energy US Managing Partner , John McNight, said.
GEV Price at posting:
9.0¢ Sentiment: LT Buy Disclosure: Held
