As First Titan Corp. (OTCBB:FTTN) continues to target distressed and undervalued energy assets well-positioned to rise in value once oil and gas prices rebound, the company announced today that it has turned its gaze south of the Rio Grande. As Mexico puts up nationalized oil fields for bid to private companies for the first time in more than 75 years, First Titan will target prime acquisition opportunities in a nation where production could rise to 3.7 million barrels per day by 2040.
“Now is the ideal time to acquire assets in oil-rich Northern Mexico,” said FTTN CEO Sydney Jim. “The oil fields are being put up for bid, but weak oil and gas prices are keeping interest from major operators low. By acquiring highly promising Mexican assets now, First Titan could stand to profit enormously once energy prices inevitably rebound.”
Though the massive shale formation that made many people rich in South Texas hardly stops at the Rio Grande, Mexican oil company Pemex has been largely unable to capitalize on these reserves so far due to a lack of expertise in unconventional drilling techniques. That will soon change. Mexico estimates that it will need more than 40,000 new wells to develop its virgin shale fields—a potentially highly lucrative opportunity for U.S. energy firms such as First Titan Corp.
“There is an extraordinary wealth of hydrocarbons down there, and demand for them is low right now,” Mr. Jim said. “We intend to pounce.”
FTTN is building a competitive portfolio of oil and gas properties and remains dedicated to the continued development of energy assets throughout North America alongside companies such as Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NYSE: ESTE), Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution Petroleum Corp. (NYSE: 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.
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.
Sydney Jim, 850-269-7267
President and CEO