BRADENTON, Fla.--(BUSINESS WIRE)--First Titan Corp. (OTCBB: FTTN) announced today that it signed a letter of intent to form a joint venture with Intrepid Drilling, LLC, to explore and develop oil and gas opportunities.
Intrepid Drilling acquires working interest positions and mineral rights leases for exploration and production using new technologies and advanced drilling methods. Earlier this year, Intrepid commenced production on a well in Lafourche Parish, La. Upon completion, the well tested 3.3 million cubic feet of gas and 500 barrels of condensate per day. The company plans to drill three new wells in 2012 in proven producing areas along the Gulf Coast.
“Intrepid Drilling is an experienced oil and gas company that provides FTTN with the personnel, resources and expertise that we need to achieve our production goals in the region,” said FTTN CEO Robert Federowicz.
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).
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
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.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
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.