LAS VEGAS–(BUSINESS WIRE)–Buoyed by its recent letter of intent (LOI) signing and increased industry talk of possible higher oil prices, First Titan Corp. (OTCQB: FTTN) has ramped up its hunt for business opportunities in the oil field service sector. FTTN is looking to either acquire existing companies, enter partnerships with other firms seeking capital or even starting a new outfit, depending on what its due diligence finds.
“Our search is rapidly gaining momentum,” said FTTN CEO Sydney Jim. “We intend to concentrate on the midstream sector as we believe these are where the brightest opportunities will be found in the years ahead. However, we’re not ruling out any possibilities at this point and will listen and consider each opportunity on its own merits as to whether it has the capability of meeting our long-term goals. Those goals are, as always, to build sustainable revenue streams and increase shareholder value.”
Equipment demand remains strong in the midstream sector as companies cannot put off or delay plant maintenance work. Much of the equipment used in upstream can be repurposed for use in midstream. As struggling upstream companies are forced to sell equipment at tremendous discount, this creates a unique chance to buy valuable equipment from one sector for pennies on the dollar and sell it to another to turn a profit.
Industry forecasts earlier this year predicted the oilfield equipment market will top $127 billion by 2020. However, in light of several recent stories about a potential oil price rebound in 2016, future oil field service forecasts should trend higher.
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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