BRADENTON, Fla.--(BUSINESS WIRE)--Fast-rising energy company First Titan Corp. (OTCBB: FTTN) announced today that one of its oil and gas interests in Louisiana is set to spud.
A pad site is complete at the South Lake Charles Prospect, one of two working interests that FTTN owns in the energy-rich state of Louisiana. Mississippi-based Intrepid Drilling is moving a drilling rig to the site with the well set to spud by Labor Day.
Two wells in the South Lake Charles Field have produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil. There is a proved trapping fault block on the west flank of the field, up-dip to production.
Production estimates for the South Lake Charles well could potentially reveal that 60 billion cubic feet of gas and four million barrels of oil could be extracted. Plans call for Intrepid Drilling to drill to a total depth of 15,300 feet.
First Titan Corp. is building a strong 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.