First Titan Corp. (OTCBB: FTTN) released the impressive results today of a reserve report conducted on the Company’s production well in Conecuh County, Ala., forecasting millions in potential profits.
The well, located in Alabama’s historic Little Cedar Creek Field, contains gross reserves totaling 816,000 barrels of oil and 760, 512 million cubic feet of natural gas. That adds up to future net revenues of nearly $80 million.
“Those numbers are on the high end of our reserve estimates, so we’re ecstatic about the reserve report,” said FTTN CEO Harvey S. Bryant. “This well has been a fantastic addition to our company’s portfolio of energy assets, and we now have every reason to expect that it will continue paying off for us.”
FTTN purchased a working interest in the Alabama well last year. It is the first of the Company’s numerous interests to begin producing oil and gas. According to the latest data, the well is currently producing 223 barrels of oil and 220 thousand cubic feet of gas daily with no water.This year, FTTN’s focus will be on jump-starting drilling operations at its various other oil and gas interests around the country. Next on the list of interests to begin drilling is a Louisiana prospect located seven miles south of the city of Lake Charles in Calcasieu Parish, La. The Company is also pursuing drilling opportunities in West Texas’ Permian Basin. For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors. First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA). 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.