First Titan Corp. (OTCBB: FTTN) announced today a significant increase
in the Company’s net leased acreage and the commencement of pre-drill
planning on its Mustang Project located in East Central Texas.
FTTN’s operator notified the company that 1,000 acres have been leased
in the Mustang Project area, which spans nine counties of the Lone Star
State. FTTN acquired a 25 percent working interest in the Mustang
Project in March; the area has proven productive from various oil and
gas formations, namely the Austin Chalk, Buda, Georgetown and Bossier.
FTTN’s operator notified the Company that a drilling permit will be
filed with the Texas Railroad Commission within the next 60 days.
Drilling is expected to commence within the next 120 days.
“We are excited by the news and look forward to spudding the well,” FTTN
CEO G. Jonathan Pina said. “This project represents a push toward taking
larger positions in areas that have the potential to change the
trajectory of the Company. The Company plans to commence drilling and we
plan to continue to participate in the active leasing program being
undertaken by our operator.”
First Titan Corp. owns interests in wells located in Alabama, Oklahoma,
Texas and Louisiana. The Company is building an asset base of oil and
gas properties and is dedicated to the continued development of energy
assets throughout North America alongside companies such as Lucas
Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NYSE: ESTE),
Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution Petroleum Corp.
(NYSE: EPM).
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 2014