As the First Titan Corp. (OTCBB: FTTN) continues its efforts to build
its growing oil and gas energy portfolio, the company is evaluating a
potentially lucrative oil production deal in Rusk County, Texas.
Located in East Texas near Kilgore, Rusk County is a fertile oil patch
with over 12,000 wells and more than 650 producing operators in the
area. In May, there were 151,172 barrels of oil and almost 9 million
cubic feet of gas produced.
“This is an area that has a strong history of oil production and we feel
it can potentially match our requirements,” FTTN Interim CEO Robert
Federowicz said. “First Titan Corp. has enjoyed a very productive year
adding to our asset base, and we feel this deal falls in line with the
other acquisitions we have made.”
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