Promising New Horizontal Well Production in Logan County Oklahoma Raises FTTN’s Expectations
Posted on May 07, 2012 at 05:00 AM EDT
Promising early production from a new horizontal well in Logan County, Okla., has First Titan Corp. (OTCBB:FTTN) increasingly excited about the potential for its own assets in the region.
Last month, one of FTTN’s competitors, Osage Exploration and Development, Inc. (OTCBB: OEDV) announced that the 72-hour Initial Production rate on its Wolf 1-29 horizontal well in Kay County, Okla., averaged over 1,185 BOE/D. The total production was composed of approximately 85 percent oil and 15 percent high BTU natural gas, and the average production during the first full 30 days on the Wolf was over 876 BOE/D.
The well was drilled to a vertical depth of 5,816 feet with a lateral bore length of 4,104 feet and was treated with a multi-stage hydraulic fracking job.
Osage’s highly encouraging preliminary results have increased FTTN’s expectations for its own horizontal well project in Logan County. Last month, the company acquired a working interest in a similar horizontal well known as Breaux #2 that is drilled to a vertical depth of 5,456 feet with a lateral bore length of 2,704 and which is being prepared for a completion with a multi-stage hydraulic fracking job.
The well sponsor, Bedford Energy, Inc., has had the Breaux #2 well engineered. The Petroleum Engineers reserve report based on wells close by shows proven reserves of 160,000 bbls of oil and 1.5 million mcf of natural gas, estimating potential production at more than $14 million worth of resources.
Bedford Energy estimates the well completion at between 30 and 60 days from funding, potentially providing a quick return on investment in the project.
First Titan Corp. is aggressively pursuing promising new oil and gas opportunities throughout the Southern U.S. Breaux #2 is FTTN’s fourth working interest in prospective domestic wells. The company has already acquired working interests in three new wells in Texas, Louisiana and Alabama this year.
For more information on FTTN’s growing oil and gas assets, please visit www.firsttitanenergy.com/investors.html.
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).
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.
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.
Robert Federowicz, 941-753-4889
President and CEO
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