Following months of due diligence, First Titan Corp. is on the verge of acquiring a working interest in an area of immense production potential in Southeast Texas.
Oil and gas energy company FTTN is moving toward closing on an acquisition in Hardin County, Texas, which includes several wells located on over 4,100 leased acres. It possesses potential production from one zone that could potentially be across several wells and drastically increase production in the short term with relatively minimal capital. The zone, which was penetrated and produced in one identified wellbore was prematurely shut-in due to sand incursion. But given current advances in technology, FTTN believes the productive interval can be returned to its previous production rate of over 100 barrels a day.
'We're excited by the prospect of securing such a large position,' FTTN CEO Harvey S. Bryant said. 'An acquisition like this will drastically change the outlook for the company and provide a great catalyst for continued growth.'