BRADENTON, Fla.--(BUSINESS WIRE)--First Titan Corp.’s (OTCBB:FTTN) aggressive approach toward acquisitions in the U.S. oil and gas industry continues to pay off. Today, the company announced that it purchased a working interest in a proposed well in Alabama scheduled to be spudded this month.
The proposed well is located in Conecuh County, Ala., in the Little Cedar Creek Field, Alabama’s largest producing oil field. Reserve estimates for the proposed drilling site range from 400,000 to 800,000 barrels of oil, dependent on the presence of both the upper and lower Smackover in the wellbore.
The site location is surrounded by wells with a history of oil production, and the success of these wells as well as promising geological data have FTTN executives excited about the new well’s prospects.
The working interest was acquired from Avery Producing, LLC. It is the third working interest in a prospective well that FTTN has purchased so far this year. The company also owns interests in promising wells located in Terrell County, Texas, and Calcasieu Parish, La.
FTTN is aggressively pursuing potentially lucrative oil and gas leases in the Southern U.S. The Big Canyon Prospect is the second oil and gas lease in which FTTN owns a working interest. Earlier this month, the company acquired a working interest in a new well to be drilled in South Lake Charles, La.
The company plans to continue targeting promising assets in the region in order to achieve its growth objectives.
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).
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
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.
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