New energy player FTTN acquires first oil & gas assets

Source: First Titan Corp.

First Titan Corp. (OTCBB: FTTN.OB), an emerging energy developer, acquired an interest today in an oil and gas well to be drilled by Intrepid Drilling, LLC.

The purchase caps an impressive start for the new company. Having just announced its intent to diversify into energy in October, the company can now claim its first assets in the booming domestic oil and gas industry.

The well is located in Calcasieu Parish, 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 Drilling plans to begin drilling the 15,300-foot well in 2012. Intrepid has determined that substantial up-dip reserves remain in two fault blocks there.

“It’s extremely gratifying to have a real stake in domestic oil and gas at last,” said FTTN CEO Robert Federowicz. “We believe that the upside potential for this particular well is very high, and we look forward to working alongside the experts at Intrepid Drilling.”

Moving forward, the company will continue to aggressively target more new producing properties to expand its oil and gas footprint, Federowicz added.

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.

For the most up to date and in-depth information on the oil & gas market visit PennEnergy's comprehensive Research area to access industry focused Reports.



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