2009-08-11-2007-08-01-2007-09-01

Asset swap

Titan Exploration Ltd., Calgary, (Toronto: TTN-A) has closed its sale of certain northern Alberta assets for C$22.25 million cash and certain producing interests in Titan's core areas of Pouce Coupe, Alberta, and Eastbrook, Saskatchewan. Titan has now consolidated its working interest and added to its drilling inventory in two of its key operational areas. Titan's average working interest at Pouce Coupe has increased to 84% and its average working interest at Eastbrook has increased to 86%. Titan now has approximately 68,000 net undeveloped acres in the Peace River Arch and southwestern Saskatchewan. Production is more than 1,775 barrels of oil equivalent per day. Proved reserves are 4.3 million barrels equivalent and proved and probable reserves will be 7.1 million barrels equivalent. Titan has net debt of approximately C$17 million on a C$39-million lending facility.