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 www.firsttitanenergy.com
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