First Titan Corp. (OTCBB: FTTN) continues the drilling of a new well in
South Lake Charles, Louisiana, while a recent mud log sample indicates
the presence of hydrocarbons in a sand interval several thousand feet
above the target zone.
With drilling into its second month, FTTN is at a depth of 12,300 feet;
mud log samples taken while drilling the interval between 11,800 and
11,900 feet indicated the presence of hydrocarbons in that sand
interval. While the interval in question is not the primary target and
lies several thousand feet above the target zone, the interval could add
reserves to the already robust reserve estimates for the well. In
addition to the aforementioned hydrocarbon bearing zone, FTTN has been
able to identify the Camarina “A” interval at 11,100 feet and Cyclomina
“A” interval at 11,970 feet.
“The South Lake Charles well is being drilled carefully and
methodically, and we are very pleased with the progress thus far,” FTTN
Interim CEO Robert Federowicz said. “We anticipate drilling will be
finished in the next several weeks, and, at that point, we look forward
to testing the well’s production capabilities.”
FTTN is an oil and gas energy company seeking continued growth of a
diversified oil and gas portfolio. The company possesses some of the
best plays in Alabama, Louisiana, Oklahoma and Texas, including the
South Lake Charles Prospect, where the FTTN well is being drilled to a
target depth of 15,300 feet. Initial reserve estimates for the well were
that approximately 60 billion cubic feet of gas and 4 million barrels of
oil could be extracted.
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.
Copyright Business Wire 2013