First Titan Corp. (OTCBB: FTTN) released the impressive results today of
a reserve report conducted on the Company’s production well in Conecuh
County, Ala., forecasting millions in potential profits.
The well, located in Alabama’s historic Little Cedar Creek Field,
contains gross reserves totaling 816,000 barrels of oil and 760, 512
million cubic feet of natural gas. That adds up to future net revenues
of nearly $80 million.
“Those numbers are on the high end of our reserve estimates, so we’re
ecstatic about the reserve report,” said FTTN CEO Harvey S. Bryant.
“This well has been a fantastic addition to our company’s portfolio of
energy assets, and we now have every reason to expect that it will
continue paying off for us.”
FTTN purchased a working interest in the Alabama well last year. It is
the first of the Company’s numerous interests to begin producing oil and
gas. According to the latest data, the well is currently producing 223
barrels of oil and 220 thousand cubic feet of gas daily with no water.
This year, FTTN’s focus will be on jump-starting drilling operations at
its various other oil and gas interests around the country. Next on the
list of interests to begin drilling is a Louisiana prospect located
seven miles south of the city of Lake Charles in Calcasieu Parish, La.
The Company is also pursuing drilling opportunities in West Texas’
Permian Basin.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.
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.
For more information about First Titan Energy, please visit www.firsttitanenergy.com.
Follow us on Twitter at www.twitter.com/firsttitancorp.
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.
