LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (OTCQB:FTTN) has been watching reports of recent tensions among members of the Organization of Petroleum Exporting Countries (OPEC) and believes the bickering could foreshadow the end of the world crude price war that has shaken the American oil & gas industry.
The company continues to move aggressively with its acquisition plans and due diligence into the service and enhanced oil recovery markets, moves it is confident will place it in a strong business position once the industry recovers.
The oil minister for the United Arab Emirates (UAE), the world’s sixth-largest petroleum producer, has predicted crude prices are due for a “correction” in 2016. This follows news of strains among OPEC members in Abu Dhabi. When the UAE announced it was increasing production to make up for revenue shortfalls, Oman’s oil minister called the price war, now negatively affecting even OPEC, “irresponsible” and a “man-made crisis,” according to published reports.
“Clearly the cracks are beginning to show in OPEC’s once-solid façade,” said FTTN CEO Sydney Jim. “How long can the cartel hold out? Once they relent, the whole global market could change overnight. We’re ready for that scenario. Our forward-looking business plan will allow us to take advantage of any price rebound. That plan features value-based acquisitions and expansion into promising secondary markets. We’re committed to the long-term and to increasing shareholder value.”
One analyst is predicting oil prices will surge to $130 a barrel by 2017. This comes amid signs the global oil glut may be ending.
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.
