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FTTN Poised to Meet Initial Production Projections
First Titan Corp. announced today that it is confident that the report from the operator of its interest in a well in Oklahoma, and after completing initial test production, 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. Operator, Bedford Energy Inc., successfully stimulated the down-hole location it was looking to activate. Equally encouraging are early projections for the Breaux #2. The company believes oil production can reach 15-20 barrels per day, and 500-700 cubic feet of natural gas (mcf) per day in the next phase of production.
In First Titan’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.”
Possessing some of the best plays in Alabama, Louisiana, Oklahoma, and Texas, FTTN is an oil and gas energy company seeking continued growth of a diversified portfolio in oil and gas. The company is currently exploring additional acquisition targets.
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 the company visit www.firsttitanenergy.com
