Prep Work Begins at FTTN's Louisiana Drilling Site
BRADENTON, Fla.--(BUSINESS WIRE)-- First Titan Corp. (OTCBB: FTTN), a fast-growing domestic energy company, announced today that drilling preparations are now underway at the company's lease near South Lake Charles, La.
The South Lake Charles prospect is one of two working interests that FTTN owns in Louisiana, one of the nation's top energy producing states. Two wells have produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil in the South Lake Charles field. There is a proved trapping fault block on the west flank of the field, up-dip to production.
Currently, FTTN and its partners are standing by while the site is cleared and leveled, access roads are completed, water is sourced, and a reserve pit is dug. When that's complete, work will begin to rig up the location. FTTN expects drilling to begin next month.
The South Lake Charles site is one of numerous prospective wells in which FTTN owns a working interest across the U.S. Last week, the on-site drilling rig touched bottom at 7,300 feet on the partially drilled well at FTTN's lease in Logan County, Okla. The company expects to have three wells producing across the country in a matter of weeks—an important milestone in FTTN's ambitious domestic energy plans.
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 Louisiana
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