Australian oil and gas company Titan Energy Ltd is pleased to report it has increased its acreage holdings at the Allen Dome oil field in Texas. Titan Energy has consolidated its dominant land holding over the prolific oil producing Allen Dome salt dome area in Texas with the acquisition of a 100% Working Interest (WI) in 302 acres on the eastern side of the oil field. Titan Energy now holds a combined 903+ acres on the northern, southern and eastern sides of the Allen Dome. The Company recently announced it has brought its JT Reese #S2 oil and gas discovery on the Northern flank of the Dome into production and has also achieved success in increasing oil production from a workover programme at Allen Dome.

Known as the “Perry Ranch” leases, the new 302 acre holding on the eastern flank of Allen Dome salt dome is covered by 3D seismic and Titan Energy is currently negotiating to acquire that data with the aim of drilling as soon as possible. Titan Energy’s US-based Managing Partner, John McKnight, said, “Allen Dome has already proven to be a valuable and prolific oil producing area and has become an important cash earning asset for the Company with the potential to deliver more growth in the near future.”
“Indications are that the eastern flank may offer an opportunity to target the thick sand seen in the recent JT Reese #S2 well on the northern flank of the field”.

“We believe the knowledge we have obtained from our work at Allen Dome to date will be invaluable in identifying priority drill targets in this lightly explored area of the Dome. Titan’s aim is to drill its first well into the eastern flank of the Allen Dome by 4th Quarter of 2013”. “The shallower zones, where we have good success on the Northern flank, have never been targeted previously on the Eastern flank and we believe that provides us with significant potential to find a ‘fairway’ of shallow oil sands and to then exploit it with a multi-well drilling programme,” Mr McKnight said.

NEW APPOINTMENT

Titan Energy is pleased to announce that Verle K. Downey has joined its US team. Mr Downey, formerly a senior vice president of Anadarko Petroleum Corp., is a highly regarded oil and gas executive with significant experience in the Texas oil fields.
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