FTTN: Work Set to Begin This Week on Horizontal Well Completion
BRADENTON, Fla.--(BUSINESS WIRE)-- First Titan Corp. (OTCBB: FTTN), an energy development company that owns stakes in prospective oil and gas wells across the Southern U.S., announced today that plans call for work to begin this week on the completion of its horizontal well prospect in Logan County, Okla.
It's big news for FTTN. The company estimates its potential production at more than $14 million worth of resources. The well, known as Breaux #2, has been engineered by its sponsor, Bedford Energy, Inc., with reserve report that includes proven reserves of 160,000 barrels of oil and 1.5 billion cubic feet of natural gas, based on nearby wells.
"We expect Breaux #2 to be a good producer for us," said FTTN CEO Harvey S. Bryant. "All of the reporting has been tremendously positive. All that remains now is to complete the well."
FTTN acquired a working interest in Breaux #2 last year. The well was previously drilled to a vertical depth of 5,456 feet with a lateral bore length of 2,704, and is ready for completion.
2013 is shaping up to be an exciting year for FTTN. The company's lease near South Lake Charles, La., is now being prepped for drilling, as well.
"We've got many more projects in the pipeline to follow," Bryant said. "We feel that market conditions are very favorable for us at the moment, and we're working hard to capitalize."
FTTN is dedicated to developing new energy solutions to compete in a booming global industry alongside Continental Resources, Inc. (NYS: CLR) , Chesapeake Energy Corp. (NYS: CHK) , SandRidge Energy Inc. (NYS: SD) and Ultra Petroleum Corp. (NYS: UPL) .
For more information on FTTN's oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
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
Harvey S. Bryant, 941-753-4889
President and CEO
KEYWORDS: United States North America Florida Oklahoma
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