Report: Potential FTTN Asset Appraised as 'Productive Play'
Report: Potential FTTN Asset Appraised as 'Productive Play'
BRADENTON, Fla.--(BUSINESS WIRE)-- As fast-rising oil and gas energy company First Titan Corp. (OTCBB: FTTN) looks into acquiring a new asset in West Texas, an industry-specific investment bank this week released a promising report on the rich production potential of the specific area FTTN is exploring.
While surveying the acreage located in Jeff Davis County within the Delaware Basin of West Texas, FTTN found it includes almost 40,000 contiguous acres that are accessible for drill sites, a water well for rig use and fracturing jobs, and partial 3D seismic coverage.
Canaccord Genuity, a global, full-service investment bank focused on growth companies, gives the Delaware Basin high marks for production potential and states in its report that the Delaware Basin is "a complex multi-stacked basin where up to 19 vertically stacked pay zones exist." The report goes on to state that the Delaware Basin is, "among the most potentially productive plays."
The Avalon formation of the Delaware Basin is prominently mentioned in the Canaccord Genuity report for its production potential. Based upon a recently commissioned report completed by NuTech Energy Alliance, a privately-owned comprehensive global oilfield services company, Avalon shale wells drilled on the acreage being targeted by FTTN are projected flow at an initial rate of 2,500 barrels of oil equivalent per day over a 10-day period, with the estimated ultimate recovery calculated at 250 million barrels of oil equivalent.
First Titan Corp. is building a substantial collection of oil and gas properties and is dedicated to the continuing development of energy assets throughout North America 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.
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
info@firsttitancorp.com
KEYWORDS: United States North America Florida
INDUSTRY KEYWORDS:
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