LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (OTCBB:FTTN) is intently watching the buildup for next week’s Mexican oil lease auction and is carefully weighing its options to join future rounds should September’s bidding process go more smoothly than the first auction last summer.
In July, Mexico put 14 offshore lease parcels up for auction. However, the results were disappointing as only two fields were awarded in surprisingly light bidding, causing the process to fall well short of its announced goal. As a result, Mexico has revisited the auction rules in an effort to pique international interest in outside participation in its struggling energy industry. These new rules have convinced companies like FTTN to give the process another look.
“The perception around the industry was that Mexico wasn’t as interested in reform as it had led everyone to believe,” said FTTN CEO Sydney Jim. “That hurt the bidding and kept companies away. With these new rule changes, the country now may be on the right track and we’ll be eagerly watching as we are considering taking part in future auctions. Mexico offers substantial growth and revenue potential not currently possible in the U.S. Should the September 30 bidding prove more successful, it would certainly raise our interest level.”
FTTN has been busy scouting potential asset acquisitions, both in the United States and in Mexico’s reforming energy sector. The company is also pursuing business opportunities in enhanced oil recovery, which also offers possibilities on either side of the border.
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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