Titan Exploration, Inc.

Ticker:	TNX	500 West Texas, Suite 500
Exchange:	New York Stock Exchange	Midland, Texas 79701
Industry:	Natural Resources	(915) 682-6612

Type of Shares:	Common Shares	Filing Date:	10/11/96
U.S. Shares:	12,610,000	Offer Date:	12/16/96
Non-U.S. Shares:	0	Filing Range:	$9.50 - $11.50
Primary Shares:	12,500,000	Offer Price:	$11.00
Secondary Shares:	110,000	Gross Spread:	$0.69
Offering Amount:	$132,405,000	Selling:	$0.42
Expenses:	-	Reallowance:	$0.10
Shares Out After:	-

Manager	Tier	Phone
CS First Boston	Lead Manager	(212) 325-2000
Donaldson, Lufkin & Jenrette Securities Corp.	Co-manager	(212) 504-4525
Howard, Weil, Labouisse, Friedrichs	Co-manager	(504) 582-2500
J.P. Morgan Securities Inc.	Co-manager	(212) 648-9922
Petrie Parkman & Co.	Co-manager	(303) 292-3877

	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	12/31/95	6/30/96			6/30/96
Revenue:	$0.99	$6.79		Assets:	$58.69
Net Income:	-$1.82	-$0.05		Liabilities:	$25.47
EPS:	-$0.12			Equity:	$33.22
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

Titan is an independent oil and gas company engaged in the exploration, development and acquisition of oil gas properties. Since its inception in March 1995, the company has experienced significant growth in reserves, production and cash flow by acquiring and exploiting producing properties primarily in the Permian Basin of west Texas and southeastern New Mexico. In December 1995, the company acquired a concentrated group of Permian Basin producing oil and gas properties from a large independent company for approximately $40.6 million. On October 31, 1996, the company acquired additional Permian Basin producing properties from a major integrated company for approximately $170 million.

Use of Proceeds

The proceeds from the proposed offering will be used for exploration, development and acquisition activities and other general corporate purposes.

Last updated: 12/29/96