First Titan, a company focused on the exploration and development of oil and natural gas holdings via its wholly owned subsidiary First Titan Energy, LLC, is benefitting from projections that have been made for increased U.S. oil production in 2014. According to the U.S. Department of Energy, the U.S. is producing 8.11 million barrels of oil a day, a strong outpacing of its oil production in 2012 of 5.50 million barrels a day. The last time domestic oil production levels had reached this high was 26 years ago, in 1988.
Additionally, as a result of the discovery of shale oil, crude output is expected to top 9.6 million barrels per day in 2014, according to the Energy Information Administration. That would be a pattern of continuing growth for domestic crude output, strengthening First Titan’s opportunities for growth in its energy asset holdings investments even further.
“As we continue scouting more possible acquisitions, it is clear this sector will continue to be able to meet increased demand with supply,” Interim CEO Robert Federowicz said. “First Titan is excited about the crude projections for 2014 after a very successful 2013.”
Just recently, First Titan completed drilling at its new well in South Lakes Charles, Louisiana, and reported production will begin shortly. The new well was drilled down to a depth of 15,300 feet, and initial well analysis indicated promising production prospects. Initial reserve estimates for the well were put at 60 billion cubic feet of gas and 4 million barrels of oil as amounts that could be extracted.
In addition to developing holdings within its oil and natural gas portfolio, First Titan continues to search for new properties to add to its collection of energy assets in North America.
For more information, visit www.firsttitanenergy.com
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