MIRAMAR BEACH, Fla.--(BUSINESS WIRE)--First Titan Corp. (OTCBB: FTTN) announced today that production numbers from the Alabama well the Company owns an interest in is exceeding expectations and is expected to match or surpass pre-production projections.
FTTN’s producing well in the Little Cedar Creek Field in Alabama, is pumping approximately 343 barrels of oil and 58,000 cubic feet of gas per day. Located in Conecuh County’s Brooklyn Field, initial well estimates were for 400,000 to 800,000 barrels of oil to be extracted.
“Production at the Alabama well is on schedule and is quite promising at this point of extraction,” FTTN Interim CEO Robert Federowicz said. “We have full confidence the final production numbers will land within the initial well estimates, if not exceed them.”
FTTN, an oil and gas energy company seeking continued growth of a diversified oil and gas portfolio, possesses some of the best plays in Alabama, Louisiana, Oklahoma and Texas and is currently exploring additional acquisition targets.
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.