The company acquired the majority working interest in the Big Canyon Prospect lease in Terrell County from Mesa Chica Geophysical.
First Titan said that the 2D seismic data collected on the lease shows promising production potential, and the company intends to analyze additional geological data on the site in the coming weeks.
The company now holds the right to drill one well on the lease within six months and a second well in the six months following the first term.
Earlier this month, the company also acquired a working interest in a new well to be drilled in South Lake Charles in the US state of Louisiana.
