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  • First Titan Corp. (FTTN) Announces Progress At South Lake Charles Oil Well 0 comments
    Nov 5, 2013 10:31 AM | about stocks: FTTN

    First Titan Corp., an oil and natural gas development company, today noted it has possibly made a noteworthy discovery in the course of its drilling at a new oil well in South Lake Charles, Louisiana. One of its recent mud log samples indicates there might be hydrocarbons in a sand interval several thousand feet above the target area.

    Moving into the second month of drilling, FTTN has reached a depth of 12,300 feet at this oil well. Mud log samples that were taken as the drilling of the interval between 11,800 and 11,900 feet showed there might be hydrocarbons in that area's sand interval. This interval could add reserves to the already strong reserve estimates for the well. FTTN previously found a Camarina "A" interval at 11,100 feet and Cyclomina "A" interval at 11,970 feet.

    "The South Lake Charles well is being drilled carefully and methodically, and we are very pleased with the progress thus far," FTTN Interim CEO Robert Federowicz said. "We anticipate drilling will be finished in the next several weeks, and, at that point, we look forward to testing the well's production capabilities."

    FTTN has oil holdings in Alabama, Oklahoma, Texas, and Louisiana, where the South Lake Charles Prospect is located. The company plans to drill down to a target depth of 15,300 feet. Initial reserve estimates for the well were put at an approximate 60 billion cubic feet of gas and 4 million barrels of oil as available for extraction. It continues to seek other development opportunities of oil and natural gas through its wholly owned subsidiary, First Titan Energy, LLC, as well.

    For more information, visit: firsttitanenergy.com

    QualityStocks provides investor relations services to publicly traded companies in exchange for compensation. This article may be part of our efforts to widen a client's exposure. To read our full disclaimer, visit http://disclaimer.qualitystocks.net

    Stocks: FTTN
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