BRADENTON, Fla.--(EON: Enhanced Online News)--A recent study by the United States Energy Information Administration found that the U.S. contains 3 percent of the world’s natural gas reserves, with nearly half of that production occurring in Texas and Louisiana, states where oil and gas energy company First Titan Corp. (OTCBB: FTTN) possesses multiple assets.
FTTN is currently drilling the South Lake Charles Prospect in Louisiana. Company executives are pleased with the progress of the drilling, with production estimates of 60 billion cubic feet of gas and four million barrels of oil to possibly be extracted. The well will be drilled to a depth of 15,300 feet.
Texas, meanwhile, is easily the largest natural gas producer in the nation with approximately 23 percent of the nation’s total natural gas reserves and has a total of 163 natural gas production plants, according to StateImpact. In addition, the natural gas industry accounts for almost $160 billion of Texas’ gross state product. FTTN is a player in the Lone Star State’s lucrative natural gas market, as it has assets in Terrell County and Waller County, and is also scouting 4,100 leased acres in Hardin County.
First Titan Corp. is building a substantial collection of oil and natural 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.