First Titan Corp. (OTCBB:FTTN) announced today that drilling is complete
for its new well in South Lake Charles, Louisiana, and production
testing is scheduled to begin soon.
FTTN has completed drilling at South Lake Charles to a total depth of
over 15,300 feet. While the last suite of well logs is still being
conducted, the logs conducted in the last several days of various
shallower intervals in the well provide reason for optimism. Based on
initial well analysis, a tangible increase in gas units and the presence
of C1-C5 gas is present in several potentially productive horizons
encountered during drilling operations. Given the preliminary results,
FTTN believes the well has the potential to be a very lucrative asset in
the company portfolio.
“Log analysis is one of the first steps in evaluating a newly drilled
well; while several horizons look promising, our next step is to gather
core samples for analysis and shortly thereafter start flow testing to
see just how big of an asset we have discovered,” FTTN Interim CEO
Robert Federowicz said.
Initial reserve estimates for the South Lake Charles Prospect projected
approximately 60 billion cubic feet of gas and four million barrels of
oil could be extracted.
“Those estimates are still in play,” Federowicz said. “We are very
excited about the production potential for this well.”
FTTN is seeking continued growth of a diversified oil and gas portfolio.
It 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