First Titan Corp. (OTCBB: FTTN) announced today that its new oil well in the Little Cedar Creek Field in Alabama has reached its target depth of 12,290 ft.
Drilling began at the site late last month. Since then, the well operator has cored and logged multiple pay zones in the Smackover Formation and is currently working toward completion. That process could take up to the three weeks.
The Little Cedar Creek well is set to become FTTN’s first producing well. The company has high expectations for the project, as the drilling site is surrounded by eight oil wells with high, proven production volume in Alabama’s largest currently developing oil field. Current reserve estimates range from 400,000 to 800,000 barrels of oil.
“We expect this well’s output to be a reflection on the extensive due diligence we performed prior to investing,” said FTTN CEO Robert Federowicz. “Our progress thus far is a sign of things to come as we move forward with other wells in our project pipeline.”
FTTN’s working interest in the new well, located in Conecuh County, Ala., was acquired from Avery Producing, LLC. It’s one of several working interest positions in prospective wells that FTTN has purchased so far this year.
FTTN is aggressively pursuing 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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