FTTN: Louisiana Well Expected to Produce 4 Million Barrels of Oil
February 24 2014 - 8:23AM
Business Wire
The South Lake Charles, Louisiana, asset First Titan Corp.
(OTCBB: FTTN) owns an interest in is entering the final stages of
testing before going online for initial production.
The Company believes the well has the potential to produce four
million barrels of oil and 60 billion cubic feet of gas. With those
expectations, the operator is currently perforating the well to
test production levels. Blow out preventers have been tested, and
the operator is reentering the production tubing to perforate the
well and test production. The well is expected to be producing
full-time within the coming weeks.
“After we perforate the well, we will know how good a well we
have,” FTTN Interim CEO Robert Federowicz said. “Based on the
evaluation of the operator, we are extremely optimistic this is
going to be a strong producing well with the possibility of being
our best producing asset.”
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