Shareholders
On January 3, 2012, First Titan Corp. ("FTTN" or the "Company") has entered into a participation agreement in an oil and gas drilling project in Calcasieu Parish, Louisiana (the "Participation Agreement"). Under the terms of the Participation Agreement, the Company will participate in the drilling of one well and may participate in the drilling of future wells if it chooses. The Company will pay 25% of the drilling cost of the first well and will receive 13.59% of the net revenue from the well. The Company anticipates that its share of the total drilling and completion cost of the initial well, projected to be drilled to approximately 15,500 feet, will be $3.4 million.
South Lake Charles Project
The South Lake Charles Prospect is located 7 miles south of the city of Lake Charles in Calcasieu Parish, La., in Section 19, Township 11 South, Range 8 West. It is a Middle Oligocene age geo-pressured prospect located in the middle and lower hackberry sands. Intrepid Drilling plans to drill a 15,300' high geo-pressure land well in the South Lake Charles Field where two wells have produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil. There is a proved trapping fault block on the West flank of the field, up-dip to production. This is a subsurface well control prospect integrated with 3-D seismic.
Intrepid Drilling will operate the well. The company has determined substantial up-dip reserves remaining in each of two fault blocks. The most likely case for proved and probable reserves is 26 BCFG and 2 MMBO. The total maximum potential for all categories exceeds 60 BCFG and 4 MMBO. FTTN has the right to participate in a second well, a 14,800' test in the Northern fault block to recover proved, undeveloped reserves in the Lower Hackberry sand up dip of the Moran Exploration No. 1 Burton, which produced 16.7 BCF Gas and 1.3 MMBO.
http://www.intrepiddrilling.com/
Company Overview
Intrepid Drilling, LLC is an independent, privately owned and operated oil and gas exploration company based in Columbia, Mississippi. The company's objective is to acquire high reward prospects with large reserve potential that have relatively low risk based on 3-D seismic and good well control. Our goal is to lease those prospects, and then drill, complete, and judiciously operate those prospects. We believe that good management and an economical operating method will be key for sustaining long term profits.
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Big Canyon Texas Project
The Big Canyon Prospect covers approximately 640 net acres in Terrell County in West Texas. FTTN acquired the majority working interest in the lease from Mesa Chica Geophysical, Inc. The company now owns the right to drill one well on the lease within six months and a second well in the six months following the first term.
2D seismic data collected on the lease indicates promising production potential. FTTN expects to thoroughly analyze additional geological data on the site in the coming weeks. The lease is directly adjacent to a property where SandRidge Energy Inc. has identified a large quantity of oil and gas resources with high production potential.
First Titan Energy will release more details on the Big Canyon Prospect as work continues toward spud. The company continues to explore new oil and gas opportunities in West Texas and elsewhere in the states along the Gulf Coast
http://www.mesachica.com/
Mesa Chica Survey LTD. is a seismic service company providing surveying, permitting, project
management and survey QC services to the oil and gas industry. Mesa Chica has over 63 years of combined
survey management experience in 2D and 3D surveys from North America, Mid East, Africa and India. Mesa
Chica Survey was formed in 2000 prior to that it operated under Mesa Chica Corp from 1992 to 2000.
Mesa Chica Survey provides seismic surveys running 25 Leica GPS system GX1230's for RTK data
collection and static control points. Total stations used when applicable running 4 Leica or Trimble total
stations and inertial systems (Zupt) in heavy canopy areas. Data processing is all done with GPSeismic ver.
2009 and 2010. Mapping of all data and hazard survey implementing ESRI Arcmap ver. 9.2 and 10.0. Mesa
Chica works closely with the client on grid layout and with the front end of permitting and brush clearing to
provide the best data possible in adverse landowner areas.
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Press Release: First Titan Corp. - Fri,July 6, 2012
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| FTTN's Alabama Oil Well to Begin Drilling Next Week
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| First Titan Corp. (OTCBB: FTTN) announced today that a drilling rig is being moved to its Alabama oil well this weekend. In March, FTTN announced the purchase of a working interest in a well in the Little Cedar Creek Field, Alabama's largest producing oil field. Now, the location has been permitted and built. The water well has been drilled. Rigging up is all that remains before the well can be spudded. The drilling site is surrounded by eight producing oil wells, leading to high expectations for the new project. Current reserve estimates range from 400,000 to 800,000 barrels of oil. FTTN is aggressively pursuing potentially lucrative oil and gas assets along the Gulf Coast. The company also owns interests in promising wells in Texas and Louisiana. First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA). For more information on FTTN's unconventional resources initiative, please visit www.firsttitanenergy.com/investors. About First Titan Corp. First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources. For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp. Notice Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof. |
Press Release: First Titan Corp. - Mon, Mar 5, 2012 BRADENTON, Fla.--(BUSINESS WIRE)--
First Titan Corp. (OTCBB:FTTN.OB - News) signed an option agreement with Green Oil Operating, LLC, today to explore the infield development of oil and gas resources in Oklahoma.
Green Oil owns the rights to drill and re-enter a prospect known as Gates 1-14 in Hughes County, Okla. The Gates prospect is located in the Warren oil and gas field, where production has been proven in several different formations and has shown significant returns. Gates 1-14 is planned as a direct offset to a key well, Warren 1-14, that produced over 400,000 mcf of natural gas before down-hole mechanical problems and water ingress impeded the flow.
A petroleum geologist's report on the prospect estimated that Gates 1-14 could contain 200,000 barrels of oil or gas equivalent recoverable in place. FTTN expects that the low-risk project could yield substantial returns.
The option agreement gives both companies 30 days to conduct due diligence toward a possible definitive agreement.
If FTTN acquires a working interest in the well, it would be the third such drilling project with which the company is moving forward in 2012. The emerging energy company has already acquired drilling assets in Texas and Louisiana.
Moderator edit: Could find no information on Green Oil Operating other then a law suit filed by them. http://law.justia.com/cases/federal/district-courts/oklahoma/okwdce/5:2011cv01441/82500/8/
Hughes County, OK Prospect
Gates #1 S14
First Titan Corp. (OTCBB: FTTN) recently signed an agreement with Green Oil Operating, LLC, to explore the infield development of oil and gas resources in Oklahoma. The reentry well project is located just three miles south of the town of Atwood, Oklahoma. The Gates #1 S14 Hughes County OK Prospect is set in the northern portion of the Pauls Valley Uplift just west of the hinge line of the McAlester-Arkansas deep structure, where folding and faulting is strong. The well has several oil and gas target formations as well.
Currently, the prospect is next to a well in production in the Wapanucka Sand/Lime, on a large up-thrown fault block with known oil and gas reserves currently being developed under the tract. The Warren S14 Hughes County OK #1 was completed in the Wapanucka Formation (3840'-3860') with initial gas production of over 1 million cubic feet of gas per-day with very little water. This well made over $1,300,000 of gas before showing signs of water production. The off-setting wells in the four-section area have produced over 23.9 bcf of gas and over 794,919 barrels of oil to date from a plethora of Pennsylvanian formation s with a minor amount of oil being produced from an Ordovician Formation.
A petroleum geologist's report on the prospect estimated that Gates 1-14 could contain 200,000 barrels of oil or gas equivalent recoverable in place. FTTN expects that the low-risk project could yield substantial returns.
The Gates 1-14 will be a direct offset to the key well, Warren 1-14. The proposed well will be re-worked, and drilled to the target depth of 4,500 feet through the Calvin Sand, as well as testing multiple target zones down hole.
Calvin Sand Estimated Reserves:
Upper Calvin Sand Zone (1790' - 1796')
- 6' sand X40 acres drainage (oil) X 20% prosity
- X 33% water saturation / 1.1 volume factor
- X 15% recovery factor (oil) @ 50% of geological estimates
Upper Calvin Sand Zone (1800' - 1806')
- 6' sand X40 acres drainage (oil) X 20% prosity
- X 33% water saturation / 1.1 volume factor
- X 15% recovery factor (oil) @ 50% of geological estimates