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  • First Titan Corp. (FTTN) Completes Drilling For South Lake Charles Prospect, Reports Preliminary Results 0 comments
    Dec 30, 2013 10:21 AM | about stocks: FTTN

    First Titan, focused on exploration and development of oil and natural via wholly owned subsidiary First Titan Energy LLC, has completed the drilling for its new well in South Lake Charles, La., and says production testing will soon commence. The well in South Lake Charles was drilled to a total depth of more than 15,300 feet.

    Based on initial well analysis, the company reports an increase in gas units, as well as the presence of C1-C5 gas in several potentially productive horizons. The last suite of well logs continues to be evaluated, and First Titan reports that logs conducted in the last several days of various shallower intervals provide "reason for optimism."

    "Log analysis is one of the first steps in evaluating a newly drilled well; while several horizons look promising, our next step is to gather core samples for analysis and shortly thereafter start flow testing to see just how big of an asset we have discovered," First Titan Interim CEO Robert Federowicz stated in the news release.

    Initial reserve estimates for the South Lake Charles Prospect project that approximately 60 billion cubic feet of gas and 4 million barrels of oil could be extracted.

    "Those estimates are still in play," Federowicz said. "We are very excited about the production potential for this well."

    FTTN continues to seek growth of its diversified oil and gas portfolio, building a collection of properties and dedicated to the continuing development of energy assets throughout North America.

    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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