FTTN Adds to Growing Texas Oil and Gas Portfolio with Waller County Acquisition
BRADENTON, Fla.--(BUSINESS WIRE)-- First Titan Corp. (OTCBB: FTTN) added to its growing portfolio of Texas oil and gas assets by acquiring a working interest in a promising production package in Waller County, the company announced today.
Known as the Minns asset package, the Waller County project includes a multi-well production package located in the Brookshire Field.
The acquisition represents another substantial addition to the company’s swelling asset base in the Lone Star State. Texas’ oil production is in the midst of a major boom, outpacing growth in even North Dakota with output jumping by a third in just 12 months. In addition to FTTN’s assets in Waller and Terrell Counties, the company is also in negotiations to acquire a working interest in more than 100,000 barrels of proven reserves in Hardin and Webb Counties.
Increasing global demand for oil, as well as innovations in drilling technology, has turned Texas’ once-sluggish oil industry into a booming success. Last year, oil production in the state topped 546 million barrels, an increase of almost 60 percent since 2007.
FTTN expects to be well-positioned to capitalize on the industry’s continued success. The company plans to announce more new additions to its asset portfolio in the coming months.
FTTN is a fast-growing oil and gas company dedicated to continuing development of energy assets throughout the country, alongside companies such as Continental Resources, Inc. (NYSE: CLR ) ,Chesapeake Energy Corp. (NYSE: CHK ) , SandRidge Energy Inc. (NYSE: SD ) and Ultra Petroleum Corp. (NYSE: UPL ) .
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
For more information about First Titan Energy, please visit www.firsttitanenergy.com.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
First Titan Corporation
Harvey S. Bryant, 941-753-4889
President and CEO
KEYWORDS: United States North America Florida Texas