FTTN Signs Contract to Acquire and Develop Texas Oil and Gas Leases
First Titan Corp. (OTCBB: FTTN) announced it negotiated and signed an agreement to jointly acquire and develop oil and gas leases across nine Texas counties with a Houston-based private oil and gas company.
FTTN's joint development agreement with the private company covers Bell, Milam, Falls, Robertson, Limestone, Freestone, Leon, Madison and Brazos counties in Texas. FTTN's private partner will take the lead in securing leases and operating any wells re-entered or drilled on the acquired acreage. Based upon due diligence, FTTN believes there are several productive formations ranging in depth from a few thousand feet to over 12,000 feet throughout the target area.
'A joint development arrangement across the large target area appeared to make a lot of sense for both companies; ultimately, previous management of First Titan and the private company agreed and were able to come to terms to leverage each companies' strengths and accelerate the project forward,' FTTN CEO G. Jonathan Pina said.
Pina added, 'With this project and others on the horizon, I am excited to take the lead at First Titan and do so with the goals of growing assets, improving financials and generating sustainable shareholder value.'
FTTN owns non-operating working interests in wells located in Alabama, Oklahoma, Texas and Louisiana, including the South Lake Charles Prospect, which was recently drilled to a target depth of 15,300 feet. Initial reserve estimates presented by the well operator to FTTN were approximately 41.1 billion cubic feet of natural gas and 3.2 million barrels of oil.
First Titan Corp. is building an asset base of oil and gas properties and is dedicated to the continued development of energy assets throughout North America alongside companies such as Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NYSE: ESTE), Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution Petroleum Corp. (NYSE: EPM).
For more information on FTTN's oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The Company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
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