First Titan announced Wednesday that its latest joint venture target, Intrepid Drilling, LLC, has staked a new oil and gas well in Louisiana.
Intrepid Drilling plans to begin drilling the 15,300-foot well in 2012. It's located in South Lake Charles, La., 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 has determined that substantial up-dip reserves remain in two fault blocks there. The company plans to drill a second well on the property once the first is complete.
"The production of the existing wells in this field is very encouraging," said FTTN CEO Robert Federowicz. "We believe that the upside potential for this well is very high, and we plan to finalize a deal with Intrepid Drilling soon in order to capitalize on this opportunity."
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Linn Energy, Chesapeake Energy, SandRidge Energy and Newfield Exploration Co.
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