First Titan Corp., a growing oil and gas company, announced that it made an offer to acquire more than 100,000 net barrels worth of proven resources in South Texas.
The oilfield in question is located in Lopez Field in Webb County, Texas, near the U.S.-Mexican border. This area of Texas is home to the Eagle Ford Shale Formation, one of the hottest shale plays in North America. "There’s high potential here to redevelop this shallow oil field with horizontal injectors and producers,” said FTTN CEO Harvey S. Bryant. “Recent vertical wells have established high production rates over 1500 barrels of fluid per day. This asset represents a tremendous opportunity to increase our asset base in Texas."
FTTN is moving to acquire these resources as part of its aggressive expansion strategy in the Lone Star State, which is in the midst of a historic oil boom. Increasing global demand for oil, as well as innovations in drilling technology, has turned Texas’ once-sluggish oil industry into a booming success. Last year, oil production in Texas topped 546 million barrels, an increase of almost 60 percent since 2007.
FTTN is determined to capitalize on that growth. The company is currently also in negotiations to acquire a working interest in approximately 1,000 acres in Hardin County, Texas, that include producing assets with development upside. FTTN already owns a working interest in energy assets in Terrell County. FTTN expects to announce many new additions to its asset portfolio in the coming months.
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