First Titan Corp. (OTCBB: FTTN) announced today that production is now underway at its new oil well in the Little Cedar Creek Field in Alabama.
The well is currently producing slightly more than 400 barrels of oil and 350 thousand cubic feet of gas on average per day, with no water and no hydrogen sulfide. State law limits production from a well to 400 barrels per day. The well is currently producing with a flowing tubing pressure of 440 psi on 16/64ths choke.
Located in Conecuh County, Ala., it is the first producing well in which FTTN owns a working interest. Current reserve estimates range from 400,000 to 800,000 barrels of oil.
The well is only one of several working interest positions in prospective wells that FTTN has purchased in the last year. The company also owns interests in promising wells in Texas and Louisiana.
“We expected this well to be a good one, but now that we are receiving initial flow data and production is underway, we can honestly say that we struck 'black gold'. We look forward to jump-starting our other projects around the country,” said FTTN CEO Robert Federowicz.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.
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.
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.