First Titan Corp. (OTCBB:FTTN) announced today that drilling is now underway at the company’s new oil well in the Little Cedar Creek Field in Alabama.
By Wednesday, the well had been drilled to a depth of 2,295 feet. The drilling operators expect the new well to take approximately five weeks to reach completion.
FTTN purchased a working interest in the well earlier this year.
The company has high expectations for the project. Little Cedar Creek is Alabama’s largest producing oil field. The drilling site is surrounded by eight producing oil wells, leading to high expectations for the new project. Current reserve estimates range from 400,000 to 800,000 barrels of oil.
Little Cedar Creek is key to FTTN’s aggressive pursuit of potentially lucrative oil and gas assets along the Gulf Coast. The company also owns interests in promising wells in Texas and Louisiana.
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).
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
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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