The South Lake Charles, Louisiana, asset First Titan Corp. (OTCBB: FTTN) owns an interest in is entering the final stages of testing before going online for initial production.
The Company believes the well has the potential to produce four million barrels of oil and 60 billion cubic feet of gas. With those expectations, the operator is currently perforating the well to test production levels. Blow out preventers have been tested, and the operator is reentering the production tubing to perforate the well and test production. The well is expected to be producing full-time within the coming weeks.
“After we perforate the well, we will know how good a well we have,” FTTN Interim CEO Robert Federowicz said. “Based on the evaluation of the operator, we are extremely optimistic this is going to be a strong producing well with the possibility of being our best producing asset.”
FTTN is seeking continued growth of a diversified oil and gas portfolio. It 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.
Robert Federowicz, 850-269-7267