First Titan, which has already assembled an impressive portfolio of oil and gas projects spanning some of the best plays in Alabama, Louisiana, Oklahoma, and Texas, announced today that after extensive evaluation of a project in Texas’ Hardin County earlier in the year the company has decided to significantly expand their focus in this area of high potential and that they are currently perusing some 4k plus lease acres within the county.
With a producing domestic footprint already established, FTTN leaped at the chance to expand into this extremely promising area after an initial 1k-acre offer was made to the company on some lands near Beaumont back in April of this year. FTTN was quite excited to find among the wellbores evaluated, one for which the technical review data clearly indicated a shut-in productive zone that was not only closed off by sand incursion, but which was effectively off the table due to the lack of recovery technology in existence at the time of its use.
There is a quality productive interval to be accessed here and FTTN is confident that the application of advanced recovery technologies will be able to bring the well back online at, or in excess of, its previous 100 bbls/day rate of production. These 4k acres offer the potential for over 100 wells at 40-acre spacing, an infrastructure which could pump out a whopping 10k bbls/day or more.
FTTN is eyeballing Hardin County very closely now and is lining up yet more oil and gas acquisitions for the future here, looking to evolve into a major sector player alongside energy developers like Continental Resources or Chesapeake Energy. The company has picked up some nice production in the past year alone to help accomplish this, with working interests in five key wells along the prolific Gulf Coast. The South Lake Charles Prospect in Louisiana has a maximum upper potential of 60 BCFG, with 4 MMBO (most likely case for proved/probable reserves is 26 BCFG and 2M bbls) and the company’s Little Cedar Creek Field over in Alabama is producing at just over 400 bbls/day, with 350 Mcf/day (no hydrogen sulfide or water).
The company’s executive team is scheduled to attend the highly influential PLS Dealmakers Prospects and Properties Expo in Houston next month as well (reported Sept 18), hungry to burn through the 100 or more exhibitor booths and really pop the hood on the sector’s underlying deal landscape. Of course, another objective will be to get the inside baseball on the latest plays and make contacts with the 1k plus sector pros who attend this prestigious event. This company has a solid foundation based on applying the latest extraction technologies; they have production and they also have developing potential in hand with projects like their Big Canyon Prospect in West Texas that is currently marching steadily towards spud. But it is clear management also has a burning desire to up the ante amid growing global demand for energy where oil and gas will inevitably do a big part of the heavy lifting, eager to grow above and beyond developers like SandRidge Energy or Ultra Petroleum, into a more serious heavy-weight contender.
For more info on First Titan Corp., visit www.FirstTitanEnergy.com
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