First Titan Corp. (OTCBB: FTTN) has negotiated and signed an agreement to jointly acquire and develop oil and gas leases across nine Texas counties with a Houston-based private oil and gas company.
FTTN’s joint development agreement with the private company covers Bell, Milam, Falls, Robertson, Limestone, Freestone, Leon, Madison, and Brazos counties in Texas. FTTN’s private partner will take the lead in securing leases and operating any wells re-entered or drilled on the acquired acreage. Based upon due diligence, FTTN believes there are several productive formations ranging in depth from a few thousand feet to over 12,000 feet throughout the target area.
FTTN owns non-operating working interests in wells located in Alabama, Oklahoma, Texas, and Louisiana, including the South Lake Charles Prospect, which was recently drilled to a target depth of 15,300 feet. Initial reserve estimates presented by the well operator to FTTN were approximately 41.1 billion cubic feet of natural gas and 3.2 million barrels of oil.
First Titan Corp. is building an asset base of oil and gas properties and is dedicated to the continued development of energy assets throughout North America alongside companies such as Lucas Energy Inc. (NYSE: LEI), Earthstone Energy Inc. (NYSE: ESTE), FieldPoint Petroleum Corp. (NYSE: FPP), and Evolution Petroleum Corp. (NYSE: EPM).