BRADENTON, Fla.--(BUSINESS WIRE)--Domestic oil and gas company First Titan Corp. (OTCBB: FTTN) announced today that the company expects its promising horizontal well prospect in Logan County, Okla., to reach completion this spring.
“Now that the project’s funding is nearing completion, we anticipate a quick turnaround on our investment.”
FTTN acquired a working interest in the well, known as Breaux #2, last year. The well was previously drilled to a vertical depth of 5,456 feet with a lateral bore length of 2,704, and is ready for completion with a multi-stage hydraulic fracking job.
Breaux #2 has been engineered by its sponsor, Bedford Energy, Inc., with reserve report that includes proven reserves of 160,000 barrels of oil and 1.5 billion cubic feet of natural gas, based on nearby wells. FTTN estimates its potential production at more than $14 million worth of resources.
“We’ve been sitting on Breaux #2 for months while funding was finalized,” said FTTN CEO Harvey S. Bryant. “Now that the project’s funding is nearing completion, we anticipate a quick turnaround on our investment.”
First Titan Corp. is aggressively pursuing promising new oil and gas opportunities throughout the Southern U.S. Breaux #2 is one of several working interest in prospective domestic wells owned by the company.
For more information on FTTN’s growing oil and gas assets, please visit www.firsttitanenergy.com/investors.html.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) 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.