First Titan Corp. (OTCBB: FTTN) today announced that it is exploring several potential acquisition opportunities in order to expand its oil and gas portfolio.
FTTN, which is eyeing additional acquisitions in Texas, Oklahoma, Louisiana and Alabama, anticipates making an offer to acquire one or more oil and gas companies within the next 30 days. The target companies are engaged in oil and gas operations within the same geographic area as FTTN’s current operations.
FTTN management believes that a strategic transaction could be an attractive avenue to continue the Company’s rapid growth and engage in a transaction to benefit the Company’s shareholders.
Any such offers will be made subject to the satisfactory completion of due diligence as well as required approvals from the target companies, among other conditions. As a result, it is possible that FTTN may be unable or unwilling to proceed with any of these acquisitions.
In addition, FTTN management announced that FTTN’s South Lake Charles Prospect in Louisiana is continuing as planned and progressing as expected. FTTN officials remain excited by the potential production from the well underway and look forward to testing the well upon completion of the drilling process. Initial reserve estimates for the South Lake Charles well are approximated at 60 billion cubic feet of gas and 4 million barrels of oil. The well is being drilled to a target depth of 15,300 feet.
First Titan Corp. is building a substantial 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