BRADENTON, Fla.--(EON: Enhanced Online News)--Following months of due diligence, First Titan Corp. (OTCBB:FTTN) is on the verge of acquiring a working interest in an area of immense production potential in Southeast Texas.
“We’re excited by the prospect of securing such a large position”
Oil and gas energy company FTTN is moving toward closing on an acquisition in Hardin County, Texas, which includes several wells located on over 4,100 leased acres. It possesses potential production from one zone that could potentially be across several wells and drastically increase production in the short term with relatively minimal capital. The zone, which was penetrated and produced in one identified wellbore was prematurely shut-in due to sand incursion. But given current advances in technology, FTTN believes the productive interval can be returned to its previous production rate of over 100 barrels a day.
“We’re excited by the prospect of securing such a large position,” FTTN CEO Harvey S. Bryant said. “An acquisition like this will drastically change the outlook for the company and provide a great catalyst for continued growth.”
FTTN has assembled an impressive portfolio of projects featuring some of the best plays in Alabama, Louisiana, Oklahoma and Texas. Drilling is currently ongoing at one of FTTN’s assets in Louisiana, the South Lake Charles Prospect.
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.