First Titan Corp. (OTC BB: FTTN) announced that its joint venture with Intrepid Drilling LLC, has finalized the funding for its drilling project in Louisiana’s South Lake Charles field.
The joint venture expects to be fully funded by the end of the month, said FTTN CEO Robert Federowicz. Once funds are secured, drilling at the site could begin as early as next month. Plans call for Intrepid to drill down 15,300 feet in the South Lake Charles field, where two existing wells have already produced 21.3 Bcf of gas and 1.7 MMbbl of oil. The company reports a proved trapping fault block on the west flank of the field, up-dip to production.
The project's total maximum potential for all categories exceeds 60 Bcf of gas and 4 MMbbl of oil.
FTTN has stepped up efforts to begin drilling at its numerous oil and gas interests across the Gulf Coast in recent weeks following the start of production at its well in Alabama’s Little Cedar Creek field. With oil now flowing, the company continues to accumulate assets, including another new well in Louisiana.
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