Titan, the oil and gas exploration and development firm that owns an array of promising domestic interests in Texas and Louisiana, reported putting the company’s first well (in which FTTN owns a working interest) into production today over in Alabama’s Little Cedar Creek Field, Conecuh County, at rates exceeding initial expectations.
This new oil well is currently pumping out an average of 400 bbls and 350 MCF per day, the maximum legal limit allowed by the state government per well and the tube pressure looks very solid at around 440 psi on 16/64ths choke. This is great news for FTTN and its wholly-owned operating subsidiary, First Titan Energy, LLC, which is firmly committed to developing oil and gas both in the domestic and global markets.
The Little Cedar Creek Field is Alabama’s biggest producing field and the new well sits in the heart of a whole series of successful nearby wells. The extremely positive geological and production data flowing out of these surrounding wells, like the north and northwest offsets run by discoverer of the Little Cedar Creek Field, Pruet Production Co. (formerly Midroc), were among the datasets looked at when projecting the production potential of the new well. The diagonal offset to the northwest operated by Pruet tested 392 bbls/day, the east offset operated by Sklar is currently flowing at 215 bbls/day, and the southeast offset, also operated by Sklar, is currently flowing at 160 bbls/day on pump.
CEO of FTTN, Robert Federowicz, spoke of the great expectations for the well based on localized output data and positive geology, underscoring how the current flow data and production values have exceeded all initial expectations, and affirmed that the company can honestly say they have “struck black gold.” Federowicz also looked forward with comments about capitalizing on this success in Alabama by jump-starting the company’s other domestic projects.
With five working interests in promising domestic oil wells (South Lake Charles Prospect, LA; Big Canyon Prospect, West TX; Conecuh County Prospect, AL; Hughes County prospect, OK; and Breaux prospect, Logan County, OK), FTTN and shareholders are in an enviable production/development position for a company of this size. Investors will be keen to hear more out of Alabama as well moving forward, considering the presence of two more possibly productive zones just above the producing zone tapped by the new well, both of which look even better than the current zone. The NW/4 quarter well should be higher in the structure and this should also make the lower zone able to produce at an increased rate (if that lobe is indeed present in the projected well bore, as well as being safely off the known water level).
With such great news coming out of just one of the several working interest positions in prospective wells acquired by the company in the last year, and current reserve estimates at the Conecuh County operation clocking in at around 400-800k barrels of oil, FTTN shareholders have every reason to be proud of management’s aggressiveness. Indeed, FTTN has made a name for itself seeking to partner with energy developers who embrace cutting-edge technology, unconventional resources, and the kind of cleaner development/production methods needed to ensure proper environmental stewardship. The company is making big strides for its size these days and FTTN is rapidly earning its spurs as the company grows into a larger role within an industry dominated by majors like Chesapeake and Anadarko.
For more information on the new well, or to learn more about First Titan, please visit the company’s website located at: www.FirstTitanEnergy.com
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