First Titan Corp. (OTCBB: FTTN.OB), an emerging energy company, today announced its acquisition a working interest in a promising new oil and gas well ready for completion.
The horizontal well, known as Breaux #2, is located in Logan County, Okla. The well has already been drilled and cased to a vertical depth of 5,600 feet with a further 2,300 feet of lateral depth in the Hunton Clarita pay zone. The well sponsor, Bedford Energy, Inc., claims that Breaux #2 contains petroleum engineered proven reserves of 160,000 bbls of oil and 1.5 million mcf of natural gas, estimating potential production at more than $14 million worth of resources.
The horizontal well is being engineered for completion using Packers Plus QuickFRAC, a new technology capable of fracturing 60 stages downhole while only pumping 15 treatments at surface. This new system is the first of its kind in the drilling industry.
Bedford Energy estimates the well completion at 60 days from funding, potentially providing a quick return on investment in the project. FTTN signed an option agreement to acquire Bedford Operating Co., the operating subsidiary of Bedford Energy, last week.
First Titan Corp. is aggressively pursuing promising new oil and gas opportunities throughout the Southern U.S. Breaux #2 is FTTN’s fourth working interest in prospective domestic wells. The company has already acquired working interests in three new wells in Texas, Louisiana and Alabama this year.
New oil well acquisition for FTTN