LAS VEGAS–(BUSINESS WIRE)–Following last month’s signing of a key letter of intent (LOI), First Titan Corp. (OTCQB: FTTN) has announced it is conducting due diligence that could lead to another important mineral rights acquisition deal in the surrounding area of west Texas.
In October, FTTN inked an LOI to purchase a producing field in the Cline Shale region, located north/northwest of Midland, TX. Now the company has identified other promising acquisition targets nearby and has made the first steps towards adding these properties to its growing oil and gas portfolio. The Cline Shale is an extension of the legendary Permian Basin, long one of the most prolific onshore producing areas in the state and in the nation.
“We’re looking at some promising fields,” said FTTN CEO Sydney Jim. “The Permian Basin has a lot of life left in it thanks to the new drilling and production technologies now available and the Cline Shale will play a big role in a market rebound. We still have some serious due diligence ahead of us, but right now, we like what we see. Should the right opportunity arise, we will take advantage of it, as per our strategic long-term business plan.”
Geologists have rated the Cline Shale as one of the hottest oil and gas plays going at present, behind only North Dakota’s world-class Bakken region. The Cline Shale formation covers an area larger than the state of Nebraska and contains light, sweet crude – the type generally preferred by refiners as it is easier to process – and petroleum liquids.
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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