LAS VEGAS–(BUSINESS WIRE)–Citing optimum buying conditions, First Titan Corp. (OTCBB:FTTN) has inked a letter of intent (LOI) to obtain mineral rights for an oil field in the West Texas Cline Shale region. FTTN will now conduct due diligence of the field and its future production prospects, with an eye towards adding it to its growing portfolio.
“This is another step forward in our continuing efforts to build revenue streams and increase value for our shareholders,” said FTTN CEO Sydney Jim. “We’ve been quite aggressive in recent months in identifying potential oil & gas acquisitions, and the market conditions are now favorable. This is the first of what could be several LOIs to come as our far-reaching plan starts to come into focus. FTTN has developed a strategy we believe will enable us to prosper and grow even in what some may consider a tough time for the industry. This potential acquisition, if completed, would be the start of that long-range strategy being fully implemented.”
The Cline Shale region is located to the north/northeast of Midland, TX, and is part of the larger, prolific Permian Basin formation, long the center of onshore petroleum exploration and production in the state.
FTTN has devoted considerable research and effort to identify promising production acquisition targets. Earlier this year, the company scouted the Offshore Technology Conference, the world’s largest oil & gas convention and exposition, making valuable contacts and gaining key information to plan its coming moves.
FTTN is also currently pursuing opportunities in Mexico and in enhanced oil recovery.
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.
