LAS VEGAS–(BUSINESS WIRE)–Mexico has released the results of its recent offshore lease auction and it comes as welcome news to companies like First Titan Corp. (OTCBB: FTTN).
Only one firm won its bid to operate and produce an offshore lease, and that company was not a giant major such as Exxon or Chevron, but a smaller producer looking to take advantage of a new energy frontier. This surprising result now opens the door for FTTN to take part in future auctions and possibly win the rights to produce oil and gas in the Latin America nation, generating revenues and earnings.
“This very interesting result has certainly piqued our interest in upcoming Mexican lease auctions,” said FTTN CEO Sydney Jim. “These auctions aren’t going to be dominated by the majors, as some had thought. Clearly smaller companies and consortiums have a fighting chance to win lease blocks and start drilling and producing oil and gas. So we’re going to take a hard look and start talking with potential partners about getting in on this action.”
Mexico recently reformed its energy sector and allowed foreign companies the opportunity to exploit its oil and gas resources for the first time since 1938, when the country nationalized the industry. Now that the first lease auction is in the books, the nation has slated an onshore round of bidding for Dec. 15, 2015. Other auctions will follow in 2016 and 2017.
FTTN has spent months scouting potential asset acquisitions, both in the United States and in Mexico’s energy sector.
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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