First Titan Corp. (OTC BB: FTTN) announced that one of its oil and gas interests in Louisiana is set to spud.
A pad site is complete at the South Lake Charles Prospect, one of two working interests that FTTN owns in the energy-rich state of Louisiana. Mississippi-based Intrepid Drilling is moving a drilling rig to the site with the well set to spud by Labor Day.
Two wells in the South Lake Charles Field have produced 21.3 billion cubic feet of gas and 1.7 million barrels of oil. There is a proved trapping fault block on the west flank of the field, up-dip to production.
Production estimates for the South Lake Charles well could potentially reveal that 60 billion cubic feet of gas and four million barrels of oil could be extracted. Plans call for Intrepid Drilling to drill to a total depth of 15,300 feet.
First Titan Corp., based in Bradenton, Fla., is building a collection of oil and gas properties and is dedicated to the continuing development of energy assets throughout North America alongside companies such as Continental Resources Inc. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).