BRADENTON, Fla.--(BUSINESS WIRE)--First Titan Corp. (OTCBB:FTTN) announced today that its latest joint venture target, Intrepid Drilling, LLC, has staked a new oil and gas well in Louisiana.
Intrepid Drilling plans to begin drilling the 15,300-foot well in 2012. It’s located in South Lake Charles, La., in an oil field where two wells have already produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil. Intrepid has determined that substantial up-dip reserves remain in two fault blocks there. The company plans to drill a second well on the property once the first is complete.
“The production of the existing wells in this field is very encouraging,” said FTTN CEO Robert Federowicz. “We believe that the upside potential for this well is very high, and we plan to finalize a deal with Intrepid Drilling soon in order to capitalize on this opportunity.”
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Linn Energy, LLC (NASDAQ: LINE), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Newfield Exploration Co. (NYSE: NFX).
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.