LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (OTCQB:FTTN) continues its search for value-based oil and gas assets and one area that is drawing its interest is the Permian Basin of western Texas and eastern New Mexico. The company is compiling lists of potential acquisition prospects and this area, more than any other, holds the most promise during this era of low oil prices.
“The Permian Basin offers a lot of benefits other oil and gas plays simply don’t have,” said FTTN Sydney Jim. “As a developed area, there’s plenty of existing infrastructure to support production. This lowers costs and that’s crucial in this environment. Also, this is one of the most-prolific onshore basins in the country. It’s reliable and not going anywhere. So these factors make it an attractive target for our ongoing asset acquisition search. But we’re still looking at other areas, like the Bakken, Barnett, Eagle Ford and Cline shales, of course. We want to make sure we conduct a thorough due diligence.”
FTTN expects a wave of consolidation to soon start rolling across the oil and gas industry, unleashing a torrent of assets the company can acquire at value prices unimaginable in other economic climates. FTTN intends to take advantage of a rare buying opportunity while overextended companies slash their capital budgets to ride out the downturn.
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.
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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.
First Titan Corporation
Sydney Jim, 702-448-8148
President and CEO