The South Lake Charles prospect is one of two working interests that FTTN owns in Louisiana, one of the nation’s top energy producing states. Two wells have produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil in the South Lake Charles field. There is a proved trapping fault block on the west flank of the field, up-dip to production.
Currently, FTTN and its partners are standing by while the site is cleared and leveled, access roads are completed, water is sourced, and a reserve pit is dug. When that’s complete, work will begin to rig up the location. FTTN expects drilling to begin next month.
The South Lake Charles site is one of numerous prospective wells in which FTTN owns a working interest across the U.S. Last week, the on-site drilling rig touched bottom at 7,300 feet on the partially drilled well at FTTN’s lease in Logan County, Okla. The company expects to have three wells producing across the country in a matter of weeks—an important milestone in FTTN’s ambitious domestic energy plans.
FTTN is dedicated to developing new energy solutions to compete in a booming global industry alongside Continental Resources, Inc. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.