For the first time in the company’s brief history, First Titan Corp. (OTCBB: FTTN) is exploring the acquisition of producing oil and gas wells.
“We look forward to evaluating many such opportunities as our company grows.”
FTTN is concentrating its initial exploration to southern Louisiana, one of the nation’s richest energy producing regions. The company is already evaluating the purchase of part of existing production from a well pumping out 200 barrels of oil a day and three million cubic feet of gas.
“Due to its steady production numbers and geographic proximity to our other projects, this well looks like a smart, natural addition to First Titan’s asset base,” said FTTN CEO Robert Federowicz. “We look forward to evaluating many such opportunities as our company grows.”
FTTN owns a working interest in a production well in Alabama, with plans to drill a second in Louisiana before the end of the year. The promising reserve estimates for both assets have FTTN predicting a highly successful 2013 for the company and its shareholders.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Occidental Petroleum Corp. (NYSE: OXY), Anadarko Petroleum Corp. (NYSE: APC), Energen Corp. (NYSE: EGN) and Apache Corp. (NYSE: APA).
Source: Business Wire
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