This company kind of ties in with Oilex. So I am posting what I have so far on them. I am not sure if it fits the shell company deal or not, but, It looks like they are getting geared up to make a run for it. I am really impressed with there press releases, very professional.
Titan Energy Corp., Inc.
5020 Collinwood, Suite 201
Fort Worth, TX 76107
Phone: (817) 732-8739
Fax: (817) 732-8762
Web Site: titaneng.com
e-mail: inquire@titaneng.com
OTC TICKER SYMBOL: TANC
TRANSFER AGENT: Interwest Transfer Co., Salt Lake City, UT
EMPLOYEES: 10
SHAREHOLDERS: 2000
INCORPORATION YEAR: 1979
INCORPORATION LOCATION: CO
OFFICERS: M. O. Rife , President; J. B. Bennet , V-P; Pattye Hill , Secy; K.S. Benesh , Treas.
DIRECTORS: J. B. Bennett, R. G. Clark, M. O. Rife, Thom Scheim, O. H.
Timmins, III.
Titan Energy Corp., is an independent oil and gas company which is capitalizing on opportunities in domestic and international energy markets. Titan Management is committed to increasing shareholder value by aggressively acquiring additional oil and gas properties.
Domestically, Titan's upside potential is augmented by it's investments in technology. The company's May, 1997 acquisition of Oil Retrieval Systems Inc. allows it to develop reserves at a fraction of the cost associated with conventional techniques.
Internationally, Titan seeks properties with proven potential. The company has demonstrated it's commitment to this objective with it's first international lease in Australia's Eromanga basin.
Company's portable unit keeps shallow stripper wells
economically productive. The portable swabbing unit provides a
unique and cost-effective method for the removal of oil, gas and
water from shallow wells. The unit eliminates the need to rig up
and run tubing rods, downhole pumps and pump jacks. The unit
consists of one of two drive mechanisms; seismic unit or truck,
dependent on field application, depth and terrain. The units are
equipped with wench, wire line cable, 40 to 80 barrell fluid
holding tank, hydraulic pump, digital depth controls, hydraulic oil
saver, rope socket, swap cup mandrel, weight bar assembly and
all other related equipment. The swabbing tools are lowered into
the wellbore by wireline cable and the fluid is pulled out of the
wellbore casing back to the surface and delivered into the
holding tank.
Titan Energy Corp., Inc. also owns 650 oil wells with estimated
recoverable reserves totaling 22.2 million bbls. of in-place oil,
situated on 4,500 acres in the Corsicana Field, Tex. and
concession #ATP 615, a 12,905,618 acre lease in the Eromanga
Basin, Australia.
Capitalization (June 30 '97): DEBT: $1,300,000.
STOCK
Auth. Shs. Outstg. Shs. Common $0.02
15,000,000 6,786,851
June 16, 1997, apx. 2,000. July 2, 1997, Rife Oil
Properties Inc. owned or controlled 36.8% (2,500,000 shs.) of the
Com. and Philadep & Co. 8.8% (598,673 shs.).
Balance Sheet June 30 '97: Thou. $
Assets-
Cash..............................................................99
Deposits.........................................................180
Inventories....................................................1,167
Tot. curr. assets............................................1,446
Net property...................................................9,400
Goodwill.......................................................1,000
Organizational costs...............................................1
Total assets................................................11,847
Liabilities-.....................................................
Accts. pay.......................................................463
Customer deposits................................................180
Tot. curr. liabs...............................................643
Long-term debt.................................................1,300
@Com. stk. p.$0.02...............................................136
Paid-in cap...................................................11,079
Retained earns................................................d1,311
Total liabs.................................................11,847
Net wkg. cap.....................................................803
Equity per sh..................................................$1.31
dDeficit.
@Com. shs. (Thou.):..........................................6,787 aUnaudited.
TRANSFER AGENT & REGISTRAR: Interwest Transfer Co., Salt Lake City,
Utah.
MARKET MAKERS: Acap Financial Inc., Salt Lake City UT; Wm. V. Frankel & Co.,Incorporated, Jersey City, NJ, New York, NY; Morgan Fuller Capital Group L.L.C., San Francisco CA; Grady And Hatch & Company Inc, New York NY; Gvr Co, Chicago IL; Hill, Thompson, Magid & Co., Jersey City, NJ, Chicago IL, Boca Raton, FL; North American Institutional Brokers, Fort Lauderdale FL; Knight Securities L.P., Jersey City
NJ; Olsen Payne & Company, Salt Lake City, UT, Seattle, WA; Sharpe Capital Inc, Nasdaq Trading; Trinity Equity Trading, Inc., Wayzata, MN; T.R. Winston & Co Inc, Bedminster NJ; Wall Street Equities Inc., New York NY, Palm Beach Fla
Wednesday October 1 9:05 AM EDT
Company Press Release
Titan Energy Retains New Professional Advisers and
Accountants
FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 1, 1997--Titan Energy Corp.
(OTCBB:TANC) today announced that it has retained five professional service firms.
Merdinger, Fruchter, Rosen & Corso, P.C., Certified Public Accountants, based in New York
City will be the external auditing firm with Stephen P. Corso, Jr. acting as the senior partner on the account.
Gossett & Rushing, Certified Public Accountants, based in Bellaire, Texas will handle internal auditing. Ronald L. Rushing, Jr. will act as senior partner on the account.
Legal representation will be provided by Stephen D. Silbert who is of counsel at Christensen, Miller, Fink, Jacobs, Glaser, Weil & Shapiro, L.L.P., Attorneys at Law, based in Los Angeles.
Additionally, Titan Energy has hired the Los Angeles-based investment banking firm, Ambient Capital Group Inc. to advise the company on potential acquisitions and financing opportunities. Gary M. Post is the managing director on the account.
Public and investor relations will be handled by Sitrick And Company Inc. with offices in Los Angeles and New York.
M.O. ''Trey'' Rife III, chairman and chief executive officer of Titan Energy, stated, ''Since our inception we've been working hard to meet our various strategic goals. At this point in time we believe that we're moving forward and need to attend to the administrative aspects of our business. With this in mind we have retained these firms to assist us with our accounting and legal reporting. Also, we hope to utilize the industry knowledge of Ambient to consider new opportunities.''
Titan Energy is in the business of acquiring and developing oil and gas leases domestically and internationally. The company also designs, manufactures and sells portable swabbing units and other technologies to enhance oil production and reduce oil lifting costs.
This news release includes forward looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
The closing price for 2/18/98 was .8437 vol: 37k
This bad boy was down to .50 back in January, and than it zipped up to the .90 range when a release came out on the 26th.
charlie |
