First Titan Corp. (OTCBB: FTTN) issued an update today on its horizontal well prospect in Logan County, Okla. The company reports that the first stage of a two-stage completion process has been completed.
After hitting the production zone with 4000 gallons of hydrochloric acid, workers are now pumping out the stimulation fluid from the well. In the second stage of completion, the zone will be fractured with a nitrogen foam acid.
Known as Breaux #2, the horizontal well has been engineered by its sponsor, Bedford Energy, Inc., with a reserve report that includes proven reserves of 160,000 barrels of oil and 1.5 billion cubic feet of natural gas, based on nearby wells. FTTN estimates that it could produce more than $14 million worth of resources.
Breaux #2 is one of many oil and gas assets across the U.S. in which FTTN owns a working interest. Drilling preparations are now underway at the company’s lease near South Lake Charles, La., and FTTN expects to dramatically increase its deal activity in the coming weeks as it pursues an aggressive expansion strategy.
FTTN is dedicated to continuing development of energy assets throughout the country, alongside companies such as Continental Resources, Inc. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
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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