Shawshank, VA 7/9/12 (StreetBeat) -- First Titan Corp. (OTCBB:FTTN) announced today that a drilling rig is being moved to its Alabama oil well this weekend.
In March, FTTN announced the purchase of a working interest in a well in the Little Cedar Creek Field, Alabama’s largest producing oil field. Now, the location has been permitted and built. The water well has been drilled. Rigging up is all that remains before the well can be spudded.
The drilling site is surrounded by eight producing oil wells, leading to high expectations for the new project. Current reserve estimates range from 400,000 to 800,000 barrels of oil.
FTTN is aggressively pursuing potentially lucrative oil and gas assets along the Gulf Coast. The company also owns interests in promising wells in Texas and Louisiana.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
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.
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