FTTN Moves to Acquire Proven Reserves in South Texas
BRADENTON, Fla.--(BUSINESS WIRE)-- First Titan Corp. (OTCBB: FTTN), a growing oil and gas company, announced today that it made an offer to acquire more than 100,000 net barrels worth of proven resources in South Texas.
The oilfield in question is located in Lopez Field in Webb County, Texas, near the U.S.-Mexican border. This area of Texas is home to the Eagle Ford Shale Formation, one of the hottest shale plays in North America.
"There's high potential here to redevelop this shallow oil field with horizontal injectors and producers," said FTTN CEO Harvey S. Bryant. "Recent vertical wells have established high production rates over 1500 barrels of fluid per day. This asset represents a tremendous opportunity to increase our asset base in Texas."
FTTN is moving to acquire these resources as part of its aggressive expansion strategy in the Lone Star State, which is in the midst of a historic oil boom. Increasing global demand for oil, as well as innovations in drilling technology, has turned Texas' once-sluggish oil industry into a booming success. Last year, oil production in Texas topped 546 million barrels, an increase of almost 60 percent since 2007.
FTTN is determined to capitalize on that growth. The company is currently also in negotiations to acquire a working interest in approximately 1,000 acres in Hardin County, Texas, that include producing assets with development upside. FTTN already owns a working interest in energy assets in Terrell County.
FTTN expects to announce many new additions to its asset portfolio in the coming months.
FTTN is a fast-growing oil and gas company dedicated to continuing development of energy assets throughout the country, alongside companies such as 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.
For more information about First Titan Energy, please visit www.firsttitanenergy.com.
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 Texas
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