First Titan Corp. has increased the Company's net leased acreage and has commenced pre-drill planning on its Mustang Project located in East Central Texas.
FTTN's operator notified the company that 1,000 acres have been leased in the Mustang Project area, which spans nine counties of the Lone Star State. FTTN acquired a 25 percent working interest in the Mustang Project in March; the area has proven productive from various oil and gas formations, namely the Austin Chalk, Buda, Georgetown and Bossier. FTTN's operator notified the Company that a drilling permit will be filed with the Texas Railroad Commission within the next 60 days. Drilling is expected to commence within the next 120 days.