LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (FTTN) President and CEO Sydney Jim issued the following open letter to stockholders today:
Despite the challenges of today’s low-price environment, our Company made tremendous strides in 2015. We’re confident the forward-looking strategy we’ve put into place will ensure 2016 meets and surpasses our success over the past 12 months.
Value-Based Acquisitions Lead the Way. As the price of oil continued to sink, FTTN saw opportunity amidst chaos – the chance to buy promising properties at substantial discount. Oil and gas companies are divesting valuable assets to stay in business. Needing to sell quickly, they’ve put up properties otherwise unobtainable in better market conditions.
FTTN has identified several intriguing assets and signed letters of intent on properties in the Cline and Barnett Shales. These efforts should lead to a growing portfolio that build revenues and increase shareholder value.
No one can predict the price of a volatile commodity with certainty. However, indicators show growing fractures inside the Organization of Petroleum Producing Countries, which has flooded markets to drive American shale producers out of business. These indicators show weakening resolve within OPEC, a change that could led to tightening oil markets and rising prices – good news for companies like ours.
FTTN expands its interests. In 2015, the Company made advances in two additional markets: Enhanced Oil Recovery (EOR) and oilfield services. In EOR, our due diligence suggests a strong opportunity for companies in developing and marketing technology to extract more oil from mature or declining fields. FTTN is considering entering the EOR field based on these findings and is now looking for suitable entry points into the sector.
The oilfield services sector, much like production, is seeing surging asset and equipment sales as companies divest to stay in business. We see a solid market for used equipment, particularly in midstream. With current conditions, companies can buy prime used equipment at substantial discount, refurbish it and then lease or sell it to oil and gas companies for profit. FTTN is now exploring future oilfield services options.
We’ll continue our forward-looking business strategy to acquire value-based oil and gas leases, to explore new opportunities in additional markets and to build sustainable revenue streams in the process.
It’s a simple-sounding plan, however we believe simplicity is the surest road to success in a complex, often challenging industry.
In closing, thank you for your support and faith in the Company and its plan. This past year was one of tremendous progress and 2016 holds even brighter things ahead. The best is yet to come.
Sydney Jim — President and CEO, First Titan Corp.
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.