First Titan Corp. (OTCBB: FTTN) announced today that its joint venture with Intrepid Drilling, LLC, has finalized the funding for its drilling project in Louisiana’s South Lake Charles Field.
The joint venture expects to be fully funded by the end of the month, said FTTN CEO Robert Federowicz. Once funds are secured, drilling at the site could begin as early as next month.
Plans call for Intrepid to drill down 15,300 feet in the South Lake Charles Field, where two existing wells have already produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil. The company reports a proved trapping fault block on the west flank of the field, up-dip to production.
The project's total maximum potential for all categories exceeds 60 billion cubic feet of gas and four million barrels of oil.
FTTN has stepped up efforts to begin drilling at its numerous oil and gas interests across the Gulf Coast in recent weeks following the start of production at its well in Alabama’s Little Cedar Creek Field. With oil now flowing, the company continues to accumulate assets, including another new well in Louisiana.
Earlier this week, the company announced the acquisition of a working interest in an oil and gas well in Southeast Louisiana’s Lake Boeuf Field that covers more than 300 leasehold acres in Lafourche Parish. It is the fifth working interest in a prospective U.S. oil and gas well that FTTN has acquired in the past year.
The company plans to bring more of its working interests online in the coming months in addition to acquiring more promising drilling sites in the U.S.
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.
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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.