First Titan Corp. (OTCBB: FTTN) announced today it has received a report from the operator of its interest in a well in Oklahoma, and after completing initial test production, the company is confident the well possesses the potential to meet its initial production projections.
FTTN’s interest in the Breaux #2, an oil and natural gas well in Logan County, Oklahoma, has completed pre-production. The operator, Bedford Energy Inc., successfully stimulated the down-hole location it was looking to activate. Early projections for the Breaux #2 is for oil production to reach 15-20 barrels per day, and 500-700 cubic feet of natural gas (mcf) per day in the next phase of production.
Upon FTTN’s initial involvement with the Breaux #2 well, Bedford Energy identified the well to contain petroleum engineered proven reserves of 160,000 bbls of oil and 1.5 million mcf of natural gas, estimating production potential at more than $14 million worth of resources.
“The production numbers for the well in Oklahoma are on point with expectations for its current stage of development,” FTTN Interim CEO Robert Federowicz said. “Based on the reports from our operators, we believe the well has the capacity to meet initial production projections.”