FTTN Plans to Spud Second Well Before Year's End
BRADENTON, Fla.--(BUSINESS WIRE)-- With production already exceeding expectations at its new well in Alabama, First Titan Corp. (OTCBB: FTTN) plans to begin drilling a second well before year's end.
The next well will be located in Lake Boeuf Field in Lafourche Parish, La. FTTN owns a working interest in the prospect, a directional well with a total vertical depth of 12,025 feet. Its estimated reserves total 11 billion cubic feet of natural gas and 880,000 barrels of condensate.
Most encouragingly, the prospect is directly updip, or up slope within the same reservoir, of wells that have produced 3.5 billion cubic feet of gas and 352,000 barrels of oil.
"We're very excited about this well's production potential," said FTTN CEO Robert Federowicz. "The project's financing is almost complete, and we plan to get it spudded as soon as possible."
The Lake Boeuf Field prospect is the fifth working interest in a prospective U.S. oil and gas well that FTTN has acquired in the past year. With production now underway at the company's well in Alabama, FTTN will continue to aggressively pursue new and potentially lucrative oil and gas leases up and down the Gulf Coast.
For more information on FTTN's oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Occidental Petroleum Corp. (NYS: OXY) , Anadarko Petroleum Corp. (NYS: APC) , Energen Corp. (NYS: EGN) 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 Florida Louisiana
The article FTTN Plans to Spud Second Well Before Year's End originally appeared on Fool.com.