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Let's talk about Titan Energy Corp. (TANC) formerly know as Funscape Corp. Here is a brief description of what the company has and is doing. BUSINESS SUMMARY Titan Energy Corp., (formerly known as Funscape 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 its investment 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. RECENT DEVELOPMENTS 7/23/97 Titan Energy Corp. changes symbol, (OTC Bulletin Board: TANC) and is listed in Standard & Poor's. 7/1/97 Oilex acquires option to buy 40% Stake in Titan Energy Corp. for $3.50 per share. 6/18/97 Titan Energy Corp. acquires 12.9 million acre lease in Australia's Eromanga Basin. 6/16/97 Reserves name Titan Energy Corp., to change from Funscape Corp. pending shareholder approval. 6/11/97 Titan acquires 650 oil wells on Corsicana Field in N. Texas. 5/27/97 Titan acquires the assets of Oil Retrieval System, Inc. which manufactures and sells portable swabbing units. GROWTH STRATREGY Management of Titan Energy Corp. is dedicated to enhancing shareholder value by increasing reserve and, through the application of advanced technology, developing these reserves at a fraction of the cost associated with conventional recovery techniques. INCREASING RESERVES Collectively the management and board of Titian Energy has significant experience in oil and gas operations. They are now putting this experience to work seeking out domestic and international properties with proven reserves. - EROMANGA BASIN. Eromanga is Australia's main on-shore oil and gas producing basin. Blocks adjacent to Titan's 12.9 million acre lease maintain large recoverable reserves and are being exploited with significant production. For instance, the contiguous Santos/Exxon block has 1.056 billion barrels of oil equivalent remaining recoverable reserves, and at today's prices is producing $700 million annually worth of oil, gas and associated hydrocarbons according to published engineering studies. Further enhancing the economic viability of Titan's tract is a 450 mile pipeline being built across the expanse of the property. - CORSICANA FILED. The Corsicana Filed, located 50 miles south of Dallas, Texas is one of the oldest producing oil fields in the United States. Titan's 4,500 acre lease has 650 oil wells. This acreage position has been evaluated by Tejas Petroleum Engineers, Inc. Irving, Texas. According to Tejas's evaluation of oil in place, the acreage held by Titan is estimated at 84.5 million barrels with a 16% recovery factor equating to 22.2 million barrels of recoverable oil. At current prices of $20 per barrel, this oil has estimated value of $440 million. UTILIZING ADVANCED TECHNOLOGY Through its acquisition of Oil Retrieval Systems, Titan now owns the portable swabbing technology developed by Oil Retrieval which is used for producing oil and gas from shallow wells of 4,000 feet or less. Truck or tractor mounted portable swabbing units eliminate the need to rig and run tubing, rods, downhole pumps, packers and surface pump jacks. Instead each unit is equipped with a 40 or 80 barrel holding tank for hauling the fluids swabbed from the well bores. The swabbing procedure takes approximately 10 minutes per well and a one-worker crew can swab 15 to 30 wells per day. On a comparative basis, using conventional pump jacks, the same volume of fluid removal would take 14 to 24 hours and require a near constant source of electrical power. Baron Marney Capital Ltd. and its staff are financial consultants and advisors to the Company pertaining to the business affairs. Our responsibilities are to develop, study, and evaluate financing merger and acquisition proposals, prepare reports and studies thereon when advisable and assist on negotiations and discussing pertaining thereof. Our objective on this thread is to make the Company and it's management more accessible to its shareholders and interested parties. Baron Marney Capital would be happy to send you any further information or answer any questions you have. To receive further information on Titan Energy Corp.(BB/OTC-TANC) either post or e-mail us your contact information and we will reply as quickly as possible. Or visit thier wed page titanenergy.com Last we checked it was under construction but keep trying. Thanks The Baron | ||||||||||||||
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