The well is located in Calcasieu Parish, Louisiana, in an oil field where two wells have already produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil.
Intrepid Drilling is planning to begin drilling of the 15,300ft well in 2012, and has determined that substantial up-dip reserves remain in two fault blocks there.
First Titan Corp CEO Robert Federowicz said the company believes that the upside potential for this particular well is very high.
The company said it will continue to target more new producing properties to expand its oil and gas footprint.
