Today, First Titan
announced that it had negotiated and signed an agreement with a Houston private
oil and gas company for joint acquisition and development of oil and gas leases
across nine Texas counties. The financial details of the agreement were not disclosed.
“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,” said First Titan CEO G. Jonathan
Pina said. “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.”
This joint
development agreement with the Houston firm covers Bell, Milam, Falls,
Robertson, Limestone, Freestone, Leon, Madison, and Brazos counties in Texas.
First Titan’s partner will be leading the efforts to secure leases and operate
any wells re-entered or drilled on the acquired acreage. Based on its due
diligence, First Titan believes that there are several productive formations
ranging in depth from a few thousand feet to over 12,000 feet throughout the
target area.
Currently, First
Titan has non-operating working interests in wells in Texas, Oklahoma, Alabama,
and Louisiana. In the well in South Lake Charles Prospect, Louisiana, the well
operator estimated to First Titan that approximately 41.1 billion cubic feet of
natural gas and 3.2 million barrels of oil were available for extraction. The
well was recently drilled to a target depth of 15,300 feet.
First Titan looks to
build a robust portfolio of lucrative oil and natural gas assets with strong,
continuing growth potential. Through its wholly owned subsidiary, First Titan
LLC, the company looks to partner with energy developers that are pursuing new,
innovative methods of oil and gas extraction, inclusive of new technologies,
cleaner methods, and unconventional resources.
For more information
about the company visit www.firsttitanenergy.com
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