Rising rig counts throughout the United States last week are a promising sign for shareholders of rising energy company First Titan Corp. (OTCBB: FTTN) as it continues to add assets to its impressive oil and gas portfolio.
Baker Hughes Inc. reported that the U.S. drilling rig count increased another six units during the week that ended August 2 to reach a total of 1,782 rotary rigs working. Rigs drilling for gas gained 19 units to reach 388 rigs working, while rigs drilling for oil reached 1,388. Texas, where FTTN has a number of assets, was up three units to 851.
FTTN is focused on Texas and its vast resources of oil and gas in its aggressive acquisitions strategy, as Texas’ oil production is in the midst of a major boom, outpacing growth in even North Dakota with output jumping by a third in just 12 months. In addition to FTTN’s assets in Waller and Terrell Counties, the company is also in negotiations to acquire a working interest in more than 100,000 barrels of proven reserves in Hardin and Webb Counties.
First Titan Corp. is building a strong collection of oil and gas properties and is dedicated to the continuing development of energy assets throughout North America alongside companies such as Continental Resources, Inc. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
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.
Harvey S. Bryant, 941-753-4889
President and CEO