FTTN: Oklahoma Well on Track to Meet Projections
March 11 2014 - 5:00AM
Business Wire
First Titan Corp. (OTCBB: FTTN) announced today it has received
a report from the operator of its interest in a well in Oklahoma,
and after completing initial test production, the company is
confident the well possesses the potential to meet its initial
production projections.
FTTN’s interest in the Breaux #2, an oil and natural gas well in
Logan County, Oklahoma, has completed pre-production. The operator,
Bedford Energy Inc., successfully stimulated the down-hole location
it was looking to activate. Early projections for the Breaux #2 is
for oil production to reach 15-20 barrels per day, and 500-700
cubic feet of natural gas (mcf) per day in the next phase of
production.
Upon FTTN’s initial involvement with the Breaux #2 well, Bedford
Energy identified the well to contain petroleum engineered proven
reserves of 160,000 bbls of oil and 1.5 million mcf of natural gas,
estimating production potential at more than $14 million worth of
resources.
“The production numbers for the well in Oklahoma are on point
with expectations for its current stage of development,” FTTN
Interim CEO Robert Federowicz said. “Based on the reports from our
operators, we believe the well has the capacity to meet initial
production projections.”
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.
FTTN is an oil and gas energy company 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 Lucas Energy, Inc.
(NYSE: LEI), Earthstone Energy, Inc. (NYSE: ESTE),
Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution Petroleum
Corp. (NYSE: EPM).
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