Alabama Oil Well Production 'Just the Beginning' for FTTN
BRADENTON, Fla.--(BUSINESS WIRE)-- With production underway at its Alabama oil and gas well, designated CCL&T 35-5 #1, First Titan Corp. (OTCBB: FTTN) is already looking ahead to bring more of its working interests online in the coming months.
FTTN's new well in the Little Cedar Creek Field in Alabama is currently producing around 400 barrels of oil and 350 thousand cubic feet of gas on average per day, with no water and no hydrogen sulfide. The well is currently producing with a flowing tubing pressure of 430 psi on 16/64ths choke.
FTTN is encouraged not only by the well's initial flow data, but by the steady production of other wells nearby. The subject well is offset by production to the west, east and south. These offset wells are currently producing 350-400 bbls per day.
"So far, our Little Cedar Creek well has performed even better than we could have hoped, but it's just the start," said FTTN CEO Robert Federowicz. "Soon it will be joined by other projects in our pipeline with which we can now move forward. These are exciting times for our company."
The Alabama well is only one of several working interest positions in prospective wells that FTTN has purchased in the last year. The company also owns interests in promising wells in Texas and Louisiana.
For more information on FTTN's oil and gas projects, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYS: CHK) , Anadarko Petroleum Corp. (NYS: APC) , SandRidge Energy Inc. (NYS: SD) and Apache Corp. (NYS: APA) .
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
First Titan Corporation
Robert Federowicz, 941-753-4889
President and CEO
KEYWORDS: United States North America Alabama Florida
The article Alabama Oil Well Production 'Just the Beginning' for FTTN originally appeared on Fool.com.
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