Production Remains Steady at FTTN's Alabama Oil and Gas Well
BRADENTON, Fla.--(BUSINESS WIRE)-- Production at First Titan Corp.'s (OTCBB: FTTN) new oil and gas well in the Little Cedar Creek Field in Alabama has remained strong and steady since the rig was removed, the company announced today.
Since it became operational, the new well has produced daily an average of 387.5 barrels of oil and 391.25 thousand cubic feet of gas with no water. The well is currently producing with a flowing tubing pressure averaging 429 psi on 16/64ths choke.
FTTN is well-pleased with the production so far. Located in Conecuh County, Ala., it is the first producing well in which FTTN owns a working interest. Current reserve estimates range from 400,000 to 800,000 barrels of oil.
Best of all, it's only the start. 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. (NYSE: CHK) , Anadarko Petroleum Corp. (NYSE: APC) , SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: 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