First Titan Corp. (OTCBB:FTTN) has noted several encouraging trends in the oil & gas industry that may point to a coming turnaround and could lead to strong revenues for the company as its long-term strategic plans start to bear fruit.
“We’re seeing plenty of positive signs and we’re bullish on our long-term growth and revenue plans,” said FTTN CEO Sydney Jim. “We’ve been aggressive in identifying undervalued assets we can acquire to build potential income, and cautious to make only those moves that will benefit our company and its investors.”
First, the active drilling rig count has remained stable for the past two weeks, according to noted industry watchers at RigData. The rig count had been sinking rapidly since the oil price collapse began nearly a year ago. The stabilized count could mean the downturn has now bottomed out, an idea backed by RigData’s latest research that indicates private drilling companies are increasing their activity after months of cuts.
Elsewhere, legendary Oklahoma oilman T. Boone Pickens last week predicted that crude oil prices would reach $70 by the end of 2015. Pickens’ optimism is reflected in a recent industry survey from Lloyd's Register Energy-Drilling that found 86 percent of oil & gas equipment manufacturers and more than 60 percent of operators were confident crude prices will hit $70 within seven to 12 months.
Another noted industry sampling recently revealed that oil & gas industry capital expenditures should rise considerably in 2016 if oil prices stabilize at between $65 and $70 per barrel.
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