BRADENTON, Fla.--(BUSINESS WIRE)--First Titan Corp. (OTCBB: FTTN) announced today the company is ordering an independent reserve report on its production well in Alabama to be completed before the end of the year.
“We expect that the independent reserve report will give our company and our shareholders a clearer picture of this well’s value as First Titan continues to expand our asset portfolio and jumpstart new projects.”
The well is located in the historic Little Cedar Creek Field, Alabama’s largest producing oil field. Based on the most current data available, the new well is producing 377 barrels of oil and 441 thousand cubic feet of gas daily with no water. Reserve estimates range from 400,000 to 800,000 barrels of oil.
“The production numbers are great so far, as expected,” said FTTN CEO Robert Federowicz. “We expect that the independent reserve report will give our company and our shareholders a clearer picture of this well’s value as First Titan continues to expand our asset portfolio and jumpstart new projects.”
The Little Cedar Creek Field project is the cornerstone of a budding energy empire being built by FTTN across the American South. Located in Conecuh County, Ala., it is the first producing well in which the company owns a working interest.
It’s just a start, however. FTTN anticipates drilling to begin on a second well in South Lake Charles Field, La., before the end of the year. The company is also exploring the acquisition of additional production wells in the region.
“It’s going to be an incredible 2013 for our company,” Federowicz added.
For more information on FTTN’s 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. (NYSE: OXY), Anadarko Petroleum Corp. (NYSE: APC), Energen Corp. (NYSE: EGN) and Apache Corp. (NYSE: 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.