First Titan Corp. reported that a drilling rig is being moved to its Alabama oil well this weekend.

In March, FTTN announced the purchase of a working interest in a well in the Little Cedar Creek Field, Alabama's largest producing oil field. Now, the location has been permitted and built. The water well has been drilled. Rigging up is all that remains before the well can be spudded.

The drilling site is surrounded by eight producing oil wells, leading to high expectations for the new project. Current reserve estimates range from 400,000 to 800,000 barrels of oil.

Tags: First Titan Corp.