First Titan Corp. (OTCBB: FTTN) anticipates the acquisition of a working interest in a producing oil and gas well in Louisiana within the next few weeks, the company announced today.
“Due to its steady production numbers and convenient proximity to our other projects, this well looks like a smart, natural addition to First Titan’s asset base”
The well, located west of Cutoff Field in Lafourche Parish, La., is operated by FTTN’s joint venture partner, Intrepid Drilling, LLC, and is currently producing 160 barrels of oil and 2,700 million cubic feet of natural gas per day.
“Due to its steady production numbers and convenient proximity to our other projects, this well looks like a smart, natural addition to First Titan’s asset base,” said FTTN CEO Robert Federowicz. “We look forward to targeting many more such opportunities in 2013 as our company continues to grow.”
The Company also owns several additional working interests in Louisiana as well as Alabama. FTTN hopes to begin drilling on the Louisiana well before the close of 2012. For more information on FTTN’s fast-growing collection of 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).
Source: Business Wire
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