First Titan Corp. (OTCBB: FTTN) said Wednesday that production from the Alabama well the company owns an interest in is exceeding expectations and is expected to match or surpass pre-production projections.
FTTN’s producing well in the Little Cedar Creek Field in Alabama is pumping about 343 barrels of oil and 58,000 cubic feet of gas per day.
Located in Conecuh County’s Brooklyn Field, initial well estimates were for 400,000 to 800,000 barrels of oil to be extracted.
“Production at the Alabama well is on schedule and is quite promising at this point of extraction,” FTTN Interim CEO Robert Federowicz said.
“We have full confidence the final production numbers will land within the initial well estimates, if not exceed them,” Federowicz said.
Little Cedar Creek has over 100 wells,” according to David Bolin, deputy director of the Alabama Oil and Gas Board.
Production for each well “ranges from 200 to 400 barrels a day,” he told Business Alabama.
Brooklyn Field is the newest in the region, with about 20 production wells.
The two fields now account for about half of Alabama’s annual 7.4 million barrels of oil, Bolin said.
FTTN has oil and gas interests in Alabama, Louisiana, Oklahoma and Texas.