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First Titan Corp. (FTTN) Targets Oilfield In Texas

|Includes: First Titan Corp. (FTTN)

First Titan Corp., an oil and natural gas development company, has made an offer to a private oil company for a partnership in the drilling of several new oil wells in an established south Texas oilfield. Located in Duval County, the oilfield contains 23 currently active wells spread over 900 acres. The active wells previously produced half a billion barrels of oil and nearly three-quarters of a billion cubic feet of gas. As a field partner, First Titan would actively engage in drilling several new wells and reworking some existing wellbores.

In 2011, three wells in this oilfield were recompleted and fractured. The use of modern completion techniques such as these has been shown to enhance oil and gas recovery by 30 to 40 percent. First Titan currently has asset holdings in other parts of Texas, Oklahoma, Louisiana, and Alabama. The company is drilling at one of its holdings in Louisiana, the South Lake Charles Prospect, a project that has an estimated production value of 60 billion cubic feet of gas and four million barrels of oil to possibly be extracted.

In addition to the field currently being evaluated, First Titan Corp. is exploring new opportunities to apply the same techniques and technologies to other projects. The company is always aggressively looking for new natural gas and oil development opportunities through its wholly owned subsidiary, First Titan, LLC. For the greatest production value possible, First Titan especially looks to partner with companies that are at the forefront of oil and natural gas extraction methods or technologies, including ones that are environmentally efficient, industry-defining, or unconventional.

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