UNITED STATES SECURITIES AND EXCHANGE

     Litigation Release No.   15764 / June 2, 1998                               
       

     SECURITIES AND EXCHANGE COMMISSION V. TITAN PETROLEUM CORP., MAGNUM
     PETROLEUM ENTERPRISES, INC., MAGNUM OIL & PETROLEUM, INC., NATALE L.
     MONTOZZI AND PHILIP LEITNER Civil Action No. 1: 98-1111-CIV-KING  (S.D.
     Fla.)

          The Securities and Exchange Commission announced that a complaint for
     injunctive and other relief was filed by the Commission on May 19, 1998, in
     the United States District Court for the Southern District of Florida
     against defendants Titan Petroleum Corp. ( Titan ), Magnum Petroleum
     Enterprises, Inc. ( Magnum Petroleum ), Magnum Oil & Petroleum, Inc.
     ( Magnum Oil ) (Magnum Petroleum and Magnum Oil collectively  Magnum ),
     Natale L. Montozzi ( Montozzi ) and Philip Leitner ( Leitner ).  The
     complaint seeks to permanently enjoin the defendants from further
     violations of Section 17(a) of the Securities Act of 1933 and Section 10(b)
     of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  The
     Commission also seeks an order requiring accountings by the defendants and
     the disgorgement of all ill-gotten gains or unjust enrichment with
     prejudgment interest and an order freezing the assets of the defendants.

          The Commission s complaint alleges that from April 2, 1997 through
     September 24, 1997, Titan and its principals, Montozzi and Leitner,
     fraudulently raised at least $654,770 by selling undivided, fractional
     working interests in three separate oil and gas well drilling programs to
     sixty -five investors.  The complaint alleges, among other things, that the
     Titan offering documents  represented that the amount of each investment
     was to cover all costs for drilling and completing the particular well in
     which it was invested, that Titan failed to disclose to investors that the
     amount of money raised in each case was far in excess of the costs it knew
     it would incur to drill and complete the well for which the funds were
     raised, that investor funds were commingled and used to pay a wide variety
     of expenses not provided for in the offering documents, including, large
     undisclosed payments to related parties, that two of the wells were drilled
     in locations different than those described in the offering documents, and
     that the offering documents and telephone script contained false or
     misleading statements concerning the success, experience and history of the
     company.

          The complaint also alleges that subsequent to the Commission s
     investigation, the business of Titan was wound down and that Magnum
     Petroleum and Magnum Oil were incorporated with Montozzi as a director and
     president of both Magnum corporations.  Using offering documents virtually
     identical to those used by Titan, Magnum and Montozzi have been offering
     and selling undivided, fractional interests in at least one oil and gas
     well drilling program.  The complaint alleges, among other things, that
     Magnum does not hold the necessary sublease to drill in the location cited
     in its offering documents, that Magnum does not disclose that it is

                              ======END OF PAGE 1======







     successor to Titan and that Montozzi is president of all three
     corporations, that all three of Titan s recent drilling programs failed,
     and that Montozzi has a history of cease-and-desist orders entered against
     him by state authorities.

          On May 20, 1998, the Honorable James Lawrence King, United States
     District Judge for the Southern District of Florida, issued a temporary
     restraining order against the defendants, restraining them, among other
     things, from violating Section 17(a) of the Securities Act of 1933 and
     Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
     thereunder.

          On May 27, 1998, the court issued a preliminary injunction and other
     relief as to defendants Montozzi, Titan, Magnum Oil and Magnum Petroleum
     restraining and enjoining them, among other things, from violating Section
     17(a) of the Securities Act of 1933 and Section 10(b) of the Securities
     Exchange Act of 1934 and Rule 10b-5 thereunder.  On the same day, defendant
     Leitner consented to the entry of, and the Court entered, a permanent
     injunction against him.  The order permanently enjoins Leitner from future
     violations of Section 17(a) of the Securities Act of 1933 and Section 10(b)
     of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  Leitner
     did not admit or deny the Commission's allegations.

          The Commission thanks the Louisiana Office of Financial Institutions
     for its assistance in this matter.




























                              ======END OF PAGE 2======