After evaluating a project in Hardin County earlier this year, First Titan Corp. (OTCBB: FTTN) is expanding its focus in the area and is currently reviewing over 4,000 acres under lease in the county.
FTTN began its evaluation of Hardin County, Texas in April when it was offered 1,000 acres near Beaumont, Texas. After evaluating several wellbores in the county, FTTN identified a well which, based on technical review, includes a productive zone prematurely shut-in due to sand incursion, which was not able to be effectively addressed with the technology available at the time. Given advances in technology, FTTN is hopeful the productive interval can be brought back online at its previous production rate of over 100 barrels a day. Assuming a well-spacing of 40 acres, if the target production interval is present across the target 4,000 acres, FTTN could drill over 100 wells representing a potential of over 10,000 barrels a day of oil production.
With additional acquisitions now potentially available in Hardin County, FTTN is looking to continue adding to its growing portfolio of oil and gas assets. FTTN has assets in Texas, Oklahoma, Louisiana and Alabama and is in negotiations for more additions.
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. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: 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.
Harvey S. Bryant, 941-753-4889
President and CEO