Today, First Titan announced that it had negotiated and signed an agreement with a Houston private oil and gas company for joint acquisition and development of oil and gas leases across nine Texas counties. The financial details of the agreement were not disclosed.
“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,” said First Titan CEO G. Jonathan Pina said. “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.”
This joint development agreement with the Houston firm covers Bell, Milam, Falls, Robertson, Limestone, Freestone, Leon, Madison, and Brazos counties in Texas. First Titan’s partner will be leading the efforts to secure leases and operate any wells re-entered or drilled on the acquired acreage. Based on its due diligence, First Titan believes that there are several productive formations ranging in depth from a few thousand feet to over 12,000 feet throughout the target area.
Currently, First Titan has non-operating working interests in wells in Texas, Oklahoma, Alabama, and Louisiana. In the well in South Lake Charles Prospect, Louisiana, the well operator estimated to First Titan that approximately 41.1 billion cubic feet of natural gas and 3.2 million barrels of oil were available for extraction. The well was recently drilled to a target depth of 15,300 feet.
First Titan looks to build a robust portfolio of lucrative oil and natural gas assets with strong, continuing growth potential. Through its wholly owned subsidiary, First Titan LLC, the company looks to partner with energy developers that are pursuing new, innovative methods of oil and gas extraction, inclusive of new technologies, cleaner methods, and unconventional resources.
For more information about the company visit www.firsttitanenergy.com
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