Veteran operator boosts odds of success for FTTN's first oil well

Source: First Titan Corp.

First Titan Corp.’s (OTCBB: FTTN.OB) experience as an oil and gas developer may only date back a few months, but that doesn’t mean the future of its new oil well acquisition rests solely in the hands of newcomers. Veteran energy company Intrepid Drilling, LLC, will drill and operate the well in a proven, producing oil field in South Lake Charles.

Plans call for Intrepid to drill down 15,300 feet in the South Lake Charles Field, where two existing wells have already produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil. The company reports a proved trapping fault block on the west flank of the field, up-dip to production.

“Intrepid Drilling is the ideal partner for our first oil well acquisition,” said FTTN CEO Robert Federowicz. “This is obviously a major milestone for our company, and we’ll rely on Intrepid’s wealth of experience drilling and operating productive wells to help us maximize this project’s profit potential.”

The South Lake Charles prospect is only the beginning for the two companies’ partnership. Intrepid is already making plans to drill a second well in the same field, and Federowicz says that the hunt continues for promising new acquisitions.

“No one thought we could acquire oil and gas interests as quickly as we have, but we did it,” he said. “Thanks in part to the expertise and manpower provided by our partners, we feel the sky is the limit for our company’s growth potential.”

First Titan is working to develop new energy solutions to compete in a booming global industry alongside Marathon Oil Corp. (NYSE: MRO), Exxon Mobil Corp. (NYSE: XOM), TOTAL S.A. (NYSE: TOT) and SandRidge Energy Inc. (NYSE: SD).

For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.



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