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  • First Titan Energy Corp. (FTTN) Exploring New Assets In East Texas 0 comments
    Nov 12, 2013 10:59 AM | about stocks: FTTN

    First Titan Energy Corp., an oil and natural gas development company, announced today it is evaluating the merits of an oil production deal in East Texas. The site is located near Kilgore, Rusk County, featuring over 12,000 oil wells and more than 650 producing operators in the area. Figures reported in May noted 151,172 barrels of gas and almost 9 million cubic feet of gas produced.

    "This is an area that has a strong history of oil production and we feel it can potentially match our requirements," FTTN Interim CEO Robert Federowicz said. "FTTN has enjoyed a very productive year adding to our asset base, and we feel this deal falls in line with the other acquisitions we have made."

    FTTN already has oil holdings in other parts of Texas, Alabama, Oklahoma, and Louisiana. In Louisiana, FTTN is drilling in an oil well at South Lake Charles, where the well's target depth is 15,300 feet. Initial well reserve estimates were put at an approximate 60 billion cubic feet of gas and 4 million barrels of oil as available for extraction. Recently mud log samples at one interval at that holding also indicated that additionally there might be hydrocarbons available for extraction. FTTN previously found Camarina A and Cyclomina A reserves at different intervals in the oil well as well.

    The company is also currently in partnerships negotiations over entering the $5.29 billion Gas-to-Liquids market, by harnessing this partner's state-of-the-art technology to convert flared gas reserves into higher-value hydrocarbon fuel. FTTN continues to explore other lucrative oil production deals and market opportunities via its wholly owned subsidiary, First Titan Energy, LLC. The company looks to partner with companies that harness oil and natural gas development technologies or methods that are clean, new, or unconventional.

    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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