Titan Exploration Ltd. announces the conversion of Class B Shares

    CALGARY, Dec. 21 /CNW/ - Titan Exploration Ltd. ("Titan") announces that
it has elected to convert all of its Class B Shares outstanding effective on
December 26, 2007 (the "Conversion Date"). The conversion price per Class B
Share shall be satisfied by delivering that number of Class A Shares ("Class A
Shares") of Titan multiplied by the Conversion Rate, the product of which will
be rounded to the next highest whole Class A Share.
    The Conversion Rate will be determined by dividing $10.00 by the greater
of: (i) $1.00; and (ii) the Current Market Price of the Class A Shares at the
Conversion Date. The Current Market Price of the Class A Shares will be equal
to the weighted average Trading Price per share for the Class A Shares for the
30 consecutive trading days preceding December 14, 2007, the date the
Conversion Price was determined.
    Based on the 30-day weighted average trading price of the Class A Shares,
the Conversion Rate would be $2.59 and each Class B Share would be converted
into 3.861 Class A Shares.
    A Notice of Conversion has been mailed to all registered holders of Class
B Shares outlining the terms of this Conversion. Titan will also mail a formal
Letter of Transmittal to all registered holders of Class B Shares of record on
December 21, 2007 to complete this transaction.

For further information:

RELATIONS, (403) 539-6300, Toll Free - 1-877-539-6300, info@canetictrust.com,

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