BRADENTON, Fla.--(EON: Enhanced Online News)--In a continuing effort to build its asset base, First Titan Corp. (OTCBB: FTTN) has made an offer to a private oil company to partner in the drilling of several new wells in an established South Texas oilfield.
FTTN is negotiating the acquisition of an interest in a shallow oilfield with 23 active wells located over 900 acres in Duval County, Texas. The active wells previously produced over half a billion barrels of oil and nearly three-quarters of a billion cubic feet of gas. In 2011, three wells were recompleted and fractured, proving application of modern completion techniques could enhance oil and gas recovery 30 to 40 percent. As a partner in the field, FTTN would partake in drilling several new wells and reworking some existing wellbores. In addition to the field currently being evaluated, FTTN is exploring application of the same techniques and technologies in other fields within the region.
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.