LAS VEGAS–(BUSINESS WIRE)–Recent data indicates that the U.S. has now become a net exporter of oil to petroleum-rich Mexico for the first time in 20 years, an oddity First Titan Corp. (OTCBB: FTTN) believes represents a way to get into a potentially lucrative market at the most opportune time.
While the exported amount was small due to U.S. restrictions on sending oil overseas, the strange situation of a nation awash in oil importing it suggests the Mexican energy industry needs outside help. This could be why the Latin American nation is hosting lease auctions open to international companies.
“We believe this data and the lease auctions clearly show there are great opportunities in Mexico for companies like FTTN to gain a strong market foothold,” said CEO Sydney Jim. “We’re definitely interested in entering that arena and we will continue our efforts to identify potential partners to join us in future lease bids. The Mexican energy sector is looking for help to develop its resources. Companies willing to take a chance could see a big payoff when that market reaches its so far untapped potential. We want to be a player in that game when it happens.”
Mexico saw much better results from its recently concluded second international auction. The government awarded three of five blocks up for bid in the September 30 round of bidding. An Italian oil company won one block while the other two were awarded to consortiums of smaller companies of the type FTTN is seeking to form.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The Company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
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