First Titan Corp. (OTCBB:FTTN) announced today that the company is pleased with what it has seen so far in its due diligence into a possible acquisition of Bedford Operating Co., the operating subsidiary of Bedford Energy, Inc., an exploration and production company that operates five wells in Texas and Oklahoma.
FTTN signed an option agreement to acquire Bedford Operating Co. last month. The due diligence process is currently proceeding as planned.
Founded in 1999, Bedford Energy is dedicated to the exploration, development and production of oil and gas in the Midwest and Gulf Coast regions of the U.S. The company has operations over 160 acres in Warren Field in Hughes County, Okla.; 800 acres in Logan County, Okla., and 190 acres in Janssen Field in Karnes County, Texas. Bedford’s proven oil reserves exceed 500,000 barrels.
FTTN is weighing the acquisition of not only these physical assets, but Bedford’s invaluable experience and contacts in the oil and gas exploration business—including the expertise of the company’s co-founder, renowned oilman Carl Swan.
Bedford Energy is the well sponsor on the Breaux #2 well in Oklahoma in which FTTN owns a working interest. The petroleum engineer’s reserve report based on wells close by Breaux #2 shows proven reserves of 160,000 bbls of oil and 1.5 million mcf of natural gas, estimating potential production at more than $14 million worth of resources.
Bedford Operating Co. is one of several potentially lucrative new partnerships, joint venture candidates and possible acquisitions that FTTN is targeting to increase the company’s developing foothold in the energy industry. 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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