FTTN CEO Scouts New Potential Assets
BRADENTON, Fla.--(BUSINESS WIRE)-- First Titan Corp. (OTCBB: FTTN) CEO Robert Federowicz will inspect production at the company's oil and gas well in Alabama's Little Cedar Creek Field before traveling to Louisiana to view FTTN's latest prospect acquisition in Lafourche Parish and scout new potential assets.
Flow reports from FTTN's Alabama well have been strong since production began. The well is producing more than 350 barrels of oil and 400 thousand cubic feet of gas each day with no water. Current reserve estimates range from 400,000 to 800,000 barrels of oil.
Federowicz will tour the wellsite and congratulate the crew of operators extracting the company's first hydrocarbons.
Given the success of the Little Cedar Creek well, FTTN is pushing hard to begin drilling at the company's other five domestic oil and gas prospects. Federowicz will take his first trip today to FTTN's latest acquisition in Louisiana's Lake Boeuf Field. The directional well prospect is slated for a total vertical depth of 12,025 ft with estimated reserves of 11 bcf of natural gas and 880,000 barrels of condensate.
FTTN plans to begin drilling at Lake Boeuf Field before the end of the year.
Federowicz is currently scheduled to tour each of FTTN's six oil and gas projects and prospects before the start of the new year, alongside FTTN COO Harvey Bryant and Intrepid Drilling manager Bill Simmons. Intrepid plans to partner with FTTN to drill those wells.
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 Alabama Florida
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