LAS VEGAS–(BUSINESS WIRE)–With the price of oil mired in a slump and the industry giants slashing investments, First Titan Corp. (OTCQB: FTTN) believes it has found a way to generate revenue even in a down market. The company notes that researchers at Penn State University have discovered a new means of enhanced oil recovery (EOR) that could outperform existing drilling and recovery techniques, and is interested in cooperating in bringing this new technique to the field.
The Penn State team estimates their new method could extract up to 90 percent of oil in a reservoir, far above present capabilities.
“This is a very important breakthrough and could change the industry,” said FTTN CEO Sydney Jim. “With this new technique, established fields could see their productive years greatly extended. While the price of oil is now low, this is major news. The reason is, with companies cutting drilling and exploration plans, this makes older fields once thought near the end of their lives now more valuable and productive. We’re busy acquiring these types of properties, and looking at entering the EOR business as well. So we believe this as a very positive development for our company.”
A recent report forecasted the EOR market to grow at a robust 16.9 percent rate between now and 2019. The new technique could push that figure higher.
FTTN is building a competitive portfolio of oil and gas properties alongside companies such as Lucas Energy, Inc. (LEI), Earthstone Energy, Inc. (ESTE), Fieldpoint Petroleum Corp. (FPP) and Evolution Petroleum Corp. (EPM).
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.