First Titan Corp. (OTCBB:FTTN), an emerging energy company, announced today that it is currently performing due diligence on a promising new oil and gas opportunity that involves only the completion of a new well, eliminating the uncertainty of drilling.
FTTN is exploring the potential purchase of a working interest in a horizontal well in Oklahoma that has been drilled and cased to a vertical depth of 5,600 feet with a further 2,300 feet of horizontal. The well sponsor, Bedford Energy, Inc., estimates that the well completion at 60 days from funding, potentially providing a quick return on investment in the project.
This horizontal well is being engineered for completion using Packers Plus QuickFRAC technology. QuickFRAC allows the operator to do the job of pumping stages on surface while Packers Plus does the job downhole, providing as many individual stages. This is done by taking a single pumping treatment on surface and precisely directing it into 2-5 stages downhole. For the operator, pumping time and costs are reduced significantly and production results are greatly increased.
FTTN signed an option agreement to acquire Bedford Operating Co., the operating subsidiary of Bedford Energy, Inc., earlier this week.
First Titan Corp. is aggressively pursuing promising new oil and gas opportunities throughout the Southern U.S. The company has already acquired working interests in three new wells in Texas, Louisiana and Alabama this year and is currently performing due diligence toward the exploration of infield development in Oklahoma.
For more information on FTTN’s drilling initiative, please visit www.firsttitanenergy.com/investors.html.
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.
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