FTTN Anticipates Drilling at South Lake Charles Site to Begin in Early April
BRADENTON, Fla.--(BUSINESS WIRE)-- First Titan Corp. (OTCBB: FTTN), a growing domestic oil and gas company, announced today that the company's lease near South Lake Charles, La., is now being prepped for drilling. With all necessary permits and financing in place, FTTN now expects drilling to begin at the site in the first week of April.
First Titan is highly optimistic about the new well's production potential. The well location is in Calcasieu Parish, La., in an oil field where wells have already produced 21.3 billion cubic feet of gas and 1.7 million barrels of crude. Intrepid has determined that substantial up-dip reserves remain in two fault blocks there.
Before drilling can commence, a location must be staked, built and rigged up. With much of the site work at South Lake Charles set to begin on Monday, FTTN and Intrepid Drilling, its partner on the project, are working to schedule a drilling rig to spud the 15,300-foot well next month.
It's shaping up to be an exciting spring for FTTN. The company also expects its promising horizontal well prospect in Logan County, Okla., to reach completion the summer.
FTTN is working to develop 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 Louisiana
The article FTTN Anticipates Drilling at South Lake Charles Site to Begin in Early April originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.