FTTN: South Lake Charles Well Ready to be Brought Online
December 30 2013 - 5:00AM
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.
First Titan CorporationRobert
Federowicz, 850-269-7267Interim CEOinfo@firsttitancorp.com