LAS VEGAS–(BUSINESS WIRE)–First Titan Corp. (OTCQB: FTTN) has signed an important letter of intent (LOI) that promises to send the company in an exciting new direction in search of additional markets and increased shareholder value. FTTN’s agreement with Southern Asset Development, LLC calls for the two firms to cooperate in exploring mutually beneficial midstream oil field equipment sales and leasing business opportunities.
Forecasts predict the oilfield equipment market will top $127 billion by 2020. The ongoing overall oil and gas economic slump has created industry-wide asset auctions where valuable, often pristine equipment can be purchased for a fraction of its true cost and later refurbished and sold for a handsome profit.
FTTN and Southern Asset Development will concentrate on the midstream sector, which gathers, stores and transports oil, natural gas and other petroleum-based liquids. Because it’s often less impacted by cyclical crude oil prices than the upstream (or exploration and production) market, midstream companies have not slashed budgets as severely as upstream and equipment demand remains strong for needed ongoing maintenance and upgrades.
“This is yet another positive step forward for FTTN,” said CEO Sydney Jim. “We’re making solid progress towards achieving our aggressive business plan. Over the past several months, we’ve not only moved to secure additional production rights, we’ve also identified interesting new markets we can pursue to widen and diversify our revenue base. Now with this LOI, we’ve taken the key first steps to enter these new markets. This has definitely been a year of accomplishment, but 2016 should hold even greater promise.”
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.