First Titan, which has assembled five key working interests in some of the hottest domestic oil and gas regions, reported good news out of their Conecuh County, Alabama, operation at the Little Cedar Creek Field, as the new oil and gas well has been returning steady output ever since the rig was pulled off.
Daily average output for the new well has remained at around 387.5 barrels of oil (just under the 400 maximum allowed by the state), with 391.25 Mcf and no water, giving FTTN engineers a great deal of confidence, as their stabilized production outlook is further reinforced by the steady tubing pressure average of 429 psi (16/64ths choke). Shareholders will be pleased to see such a stable production profile out of the company’s first producing well with an owned interest, and the lifespan of this infrastructure looks assured, considering the current reserve estimates of around 400-800k barrels of oil.
The Little Cedar Creek Field is Alabama’s biggest producing oil field and local geology is dotted with an array of wells that have a solid production history, making the company’s working interests in Alabama some of the most exciting out of the several other working interest positions taken up via acquisitions by FTTN in the last year, most notably in emerging wells in Texas (Big Canyon Prospect), Louisiana (South Lake Charles Prospect), and Oklahoma (Gates #1 S14 Hughes County Prospect and the Breaux #2 well in Logan County). It is worth noting that the horizontal well in Logan County, OK, is engineered for completion using the revolutionary Packers Plus QuickFRAC system, which uses QuickPORT™ sleeves flanked by RockSEAL® II packers to create a first-of-its-kind solution in the industry that allows operators to do things like fracking 60 stages downhole with only 15 treatments at the surface. This is a prime example of saving massive logistical expense, while increasing productivity via technological innovation.
The company is poised for dramatic growth in domestic energy thanks to such opportunities and FTTN is committed to bringing cutting-edge drilling and production technologies to bear as the company seeks a larger leadership position in the sector. With production now steadily underway in Alabama, FTTN executives are eager to show markets similar results throughout their rapidly developing oil and gas position in the burgeoning North American energy corridor.
The company has picked up considerable WI positions in the last year and thus has plenty of opportunities to turn early investors into long-term winners via potentially lucrative drilling efforts. Investors can also feel confident in the fact that they are helping FTTN develop North America’s domestic energy infrastructure/capabilities. The company is obviously ready to meet the challenge with bold conviction, as they have over the last 12 months taken a decidedly aggressive, broad-spectrum approach to the underlying acquisition and development framework. Stable production out of Little Cedar Creek Field is a key milestone for FTTN and its shareholders can likely look forward to many more success stories like this out of the company’s portfolio, as First Titan continues to deploy their very partner-centric energy development strategy. A strategy grounded in the continuous evolution of safer, cleaner, and more efficient technologies, as well as the ability to profitably exploit unconventional resources.
FFTTN even recently announced ongoing work exploring the potential of offshore production in the Gulf of Mexico. All told, their tactical approach to putting together a successful domestic portfolio gives you a good idea of how serious these guys are about the business.
Interested parties can learn more about First Titan at the company’s Web site: www.FirstTitanEnergy.com
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