FTTN targets Texas as Permian Basin boom continues
Thursday, Jan 17, 2013
With big plans to ramp up oil and gas production in 2013, First Titan Corp. (OTCBB: FTTN) is targeting new opportunities at the center of the U.S. energy boom: Texas’ Permian Basin.
“As long as prices stay above $70 a barrel, the dense rock of the Permian Basin will remain a prime target for drilling”
The Dallas Morning News reported last year that many of leading oilmen expect the Texas’s oil production to double within five to seven years. The region’s status as a traditional oil hub has been reinvigorated by new drilling technologies and rising crude prices, which have made drilling oil in its many shale fields a highly lucrative proposition.
FTTN is working to get in on one of the world’s hottest oil plays. Company Leadership is focused on bolstering its growing portfolio of oil and gas assets by acquiring prospective and existing production in the Lone Star State.
“As long as prices stay above $70 a barrel, the dense rock of the Permian Basin will remain a prime target for drilling,” said FTTN CEO Harvey Bryant.
Production is already underway at the well in Alabama’s Little Cedar Creek Field in which FTTN acquired a working interest last year. Reserve estimates for that well range from 400,000 to 800,000 barrels of oil. The Company also has the funding and permits in place to begin drilling a second well in Louisiana, another oil and gas hotspot.
“2013 is going to be a year of growth for our organization,” Bryant added.
Source: Business Wire
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