MIRAMAR BEACH, Fla.--(BUSINESS WIRE)--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.