LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (OTCBB: FTTN), fresh off signing a letter of intent (LOI) for a West Texas property, has indicated it may be interested in pursuing additional oil and gas leases in North Dakota’s famous Bakken Shale region in the wake of Occidental Petroleum’s fire sale there earlier this month.
“Our prediction of liquidations is now coming to pass,” said FTTN CEO Sydney Jim. “Earlier this year, we announced a patient, far-reaching strategy to take advantage of the current low-price environment to acquire prime, producing properties at a discount. Occidental’s move may open the gates for more sales as the majors race to cut costs. These fire sales could prove quite advantageous to a small, aggressive company like ours. We intend to take a long, hard look at what’s up for sale and pursue properties we think will add value to our growing portfolio.”
Reports suggest Oxy offered the leases last year at a total combined price of $3 billion, but that now the sale price is far less – $500 million for all.
FTTN continues to identify promising acquisition targets and, as mentioned above, recently signed an LOI for a property in the Cline Shale region of Texas. The company has also attended industry conventions to build its network of contacts and lay the groundwork for potential future deals and partnerships.
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.
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