FTTN Releases Positive New Production Report
BRADENTON, Fla.--(BUSINESS WIRE)-- As the growing energy company continues its efforts to add to its portfolio of U.S. oil and gas assets, First Titan Corp. (OTCBB: FTTN) paused on Tuesday to review the production report from its well in Alabama's Little Cedar Creek Field.
According to the latest data, the well is currently producing 223 barrels of oil and 220 thousand cubic feet of gas daily with no water. Reserve estimates range from 400,000 to 800,000 barrels of oil.
The report is right in line with the Company's expectations. The Alabama well has been a consistent producer for FTTN as it works to add more solid domestic oil and gas production to its asset base.
The Little Cedar Creek Field project is the cornerstone of a budding energy empire being built by FTTN. Located in Conecuh County, Ala., it is the first producing well in which the Company owns a working interest. Current reserve estimates range from 400,000 to 800,000 barrels of oil.
The Alabama well is only one of several working interest positions in prospective wells that FTTN has purchased in the last year. Next on the list of interests to begin drilling is another Louisiana prospect located 7 miles south of the city of Lake Charles in Calcasieu Parish, La. The Company is also pursuing drilling opportunities in West Texas' Permian Basin.
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
KEYWORDS: United States North America Alabama Florida
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