First Titan Corp. (OTCBB: FTTN) announced today the company is ordering an independent reserve report on its production well in Alabama to be completed before the end of the year.
“It’s going to be an incredible 2013 for our company”
The well is located in the historic Little Cedar Creek Field, Alabama’s largest producing oil field. Based on the most current data available, the new well is producing 377 barrels of oil and 441 thousand cubic feet of gas daily with no water. Reserve estimates range from 400,000 to 800,000 barrels of oil.
“The production numbers are great so far, as expected,” said FTTN CEO Robert Federowicz. “We expect that the independent reserve report will give our company and our shareholders a clearer picture of this well’s value as First Titan continues to expand our asset portfolio and jumpstart new projects.”
The Little Cedar Creek Field project is the cornerstone of a budding energy empire being built by FTTN across the American South. Located in Conecuh County, Ala., it is the first producing well in which the company owns a working interest.
It’s just a start, however. FTTN anticipates drilling to begin on a second well in South Lake Charles Field, La., before the end of the year. The company is also exploring the acquisition of additional production wells in the region.
“It’s going to be an incredible 2013 for our company,” Federowicz added.
For more information on FTTN’s 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
To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today