This week, FTTN finalized a letter of intent to acquire a working interest in the property. The Lone Star State, long known for its energy assets, has been a major region of focus in FTTN’s aggressive acquisitions strategy. In addition to its assets in Terrell County, the company is also negotiating the possible acquisition of producing assets in Hardin County with development upside.
Known as the Minns asset package, the Waller County project contains a multi-well production package located in the Brookshire Field. According to a reserve report conducted this year, the proved developed producing reserves for the project include over 8,500 barrels of oil.
FTTN plans to explore numerous assets in the region as part of its mission to build up a competitive portfolio of Texas oil and gas prospects.
The company’s ultimate ambitions stretch beyond Texas, however. Currently, the company owns a working interest in producing assets in Alabama and is working to facilitate oil and gas production in Oklahoma and Louisiana. FTTN expects 2013 to be a year of major growth for its business, including expansion into international markets. As a result, the company hopes to announce many new acquisitions in the coming months.
FTTN is a fast-growing oil and gas company dedicated to continuing development of energy assets throughout the country, alongside companies such as 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.