LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (OTCBB: FTTN) believes it has found a lucrative new source of future revenues and is pursuing opportunities in a market some are abandoning: oil field services.
Oversupply and falling demand have the oil and gas industry mired in a slump. Oil field service firms have been caught in a vise of too much debt and not enough projects to go around as exploration and production companies cut budgets. This has resulted in industry-wide asset auctions where valuable, often pristine equipment can be purchased for a fraction of its true cost.
“The current price slump has opened a substantial window of opportunity to obtain good equipment at tremendous, previously unimaginable discounts,” said FTTN CEO Sydney Jim. “The oil and gas industry will recover, and when it does, companies that have taken advantage of these once-in-a-generation opportunities can reap windfalls if they plan and act accordingly. We’re looking at buying oil field service equipment, refurbishing it, and when the market does recover, selling it at a significant markup as drilling ramps up again. Such a plan holds the promise of solid revenues when the market upturns.”
Auction houses are reporting record turnouts for oil field equipment sales, indicating there is a viable market of companies wanting to put such items to immediate use. Studies also forecast the market for oil field equipment will top $127 billion by 2020, showing the demand will remain strong.
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.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.