FTTN’s joint development agreement with the private company covers Bell, Milam, Falls, Robertson, Limestone, Freestone, Leon, Madison and Brazos counties in Texas. FTTN’s private partner will take the lead in securing leases and operating any wells re-entered or drilled on the acquired acreage.
Based upon due diligence, FTTN believes there are several productive formations ranging in depth from a few thousand feet to over 12,000 feet throughout the target area.
"A joint development arrangement across the large target area appeared to make a lot of sense for both companies; ultimately, previous management of First Titan and the private company agreed and were able to come to terms to leverage each companies’ strengths and accelerate the project forward," FTTN CEO G. Jonathan Pina said.
Pina added, "With this project and others on the horizon, I am excited to take the lead at First Titan and do so with the goals of growing assets, improving financials and generating sustainable shareholder value."
FTTN owns non-operating working interests in wells located in Alabama, Oklahoma, Texas and Louisiana, including the South Lake Charles Prospect, which was recently drilled to a target depth of 15,300 feet. Initial reserve estimates presented by the well operator to FTTN were approximately 41.1 billion cubic feet of natural gas and 3.2 million barrels of oil.
