LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (OTCBB:FTTN) believes the time is right for it to enter the growing rush for Mexican oil leases now that the Latin American country has successfully concluded its second international auction. The company is looking for potential partners to join it in a consortium to bid in future sales, noting the Mexican energy market has vast untapped revenue potential once off limits to American oil companies.
The Mexican government awarded three of five blocks up for bid in the September 30 round of bidding. One block went to a major Italian oil company. The other two blocks were won by consortiums of smaller companies – the type of partnership FTTN is now proposing.
After a disappointing auction in July, Mexico revised the rules and promised to offer more lucrative and proven areas for sale.
“Mexico’s recent auction rule changes were a positive move,” said FTTN CEO Sydney Jim. “The bidding was much stronger than the previous round, which fell well short of expectations. Clearly, the environment is now more open and welcoming for international firms. We’re looking for innovative, far-sighted companies like ours who want to be pioneers in an up and coming market with great revenue potential. Should we find such partners, we expect to take steps to be part of future auctions.”
Mexico is allowing international companies the opportunity to exploit its oil and gas resources for the first time since 1938, when the country nationalized the industry. Future auctions are tentatively slated for 2016 and 2017.
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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