First Titan Corp. (OTCBB: FTTN) announced today that its horizontal well prospect in Logan County, Okla., is now rigged up and ready to complete.
Known as Breaux #2, the well has been engineered by its sponsor, Bedford Energy, Inc., with reserve report that includes proven reserves of 160,000 barrels of oil and 1.5 billion cubic feet of natural gas, based on nearby wells. The company estimates that it could produce more than $14 million worth of resources.
FTTN acquired a working interest in Breaux #2 last year.
This week, the on-site drilling rig touched bottom at 7,300 feet on the partially drilled well. The next step will be to begin work on the lateral hole and inserting pipe.Executives expect that it will be an exciting spring for the company, with FTTN’s lease near South Lake Charles, La., is now being prepped for drilling, as well. FTTN expects to have three wells producing across the U.S. shortly. It’s only the beginning of the company’s ambitious domestic energy plans. FTTN is dedicated to developing new energy solutions to compete in a booming global industry alongside 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. For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp. 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.