FTTN arranges an independent reserve report for Alabama well
First Titan announced the company is ordering an independent reserve report on its production well in Alabama to be completed before the end of the year.
The well is located in the historic Little Cedar Creek Field, Alabama’s largest producing oil field. Based on the most current data available, the new well is producing 377 boe and 441 Tcf of gas daily with no water. Reserve estimates range from 400,000 to 800,000 boe. “The production numbers are great so far, as expected,” said FTTN Chief executive officer Robert Federowicz.“We expect that the independent reserve report will give our company and our shareholders a clearer picture of this well’s value as First Titan continues to expand our asset portfolio and jump start new projects.”
The Little Cedar Creek Field project is the cornerstone of a budding energy empire being built by FTTN across the American South. It is the first producing well in which the company owns a working interest. It’s just a start, however FTTN anticipates drilling to begin on a second well in South Lake Charles Field , before the end of the year. The company is also exploring the acquisition of additional production wells in the region.“It’s going to be an incredible 2013 for our company,” Federowicz added.