First Titan Corp. (OTCBB:FTTN) announced today that its prospective well in South Lake Charles, La., has cleared a final hurdle before drilling begins and is on schedule to spud before the end of the year.
Due to the drilling site being inline with the final approach to a local airfield, special lighting permits had to be secured from the FAA before any work could begin. With those arrangements now made, the company expects to rig up and begin drilling in the next two to three weeks.
“All we’re waiting for now is the finalization of the financing for this project, and we’ll be underway,” said FTTN CEO Robert Federowicz.
The South Lake Charles prospect is one of two working interests that FTTN owns in Louisiana, one of the nation’s top energy producing states. The second well is located in Lake Boeuf Field in the state’s southeastern region.
The highly promising reserve estimates for both assets have FTTN expecting a highly successful 2013 for the company and its shareholders.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Occidental Petroleum Corp. (NYSE: OXY), Anadarko Petroleum Corp. (NYSE: APC), Energen Corp. (NYSE: EGN) 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.