BRADENTON, Fla.--(BUSINESS WIRE)--First Titan Corp. (OTCBB: FTTN) could be on the verge of acquiring a valuable new ally in its quest to explore and develop oil and gas resources in the U.S. Today, the company signed an option agreement to acquire Bedford Operating Co., the operating subsidiary of Bedford Energy, Inc., an exploration and production company that operates five wells in Texas and Oklahoma.
Founded in 1999, Bedford Energy is dedicated to the exploration, development and production of oil and gas in the Midwest and Gulf Coast regions of the U.S. The company has operations over 160 acres in Warren Field in Hughes County, Okla.; 800 acres in Logan County, Okla., and 190 acres in Janssen Field in Karnes County, Texas. Bedford’s proven oil reserves exceed 500,000 barrels.
FTTN is weighing the acquisition of not only these physical assets, but Bedford Energy’s invaluable experience and contacts in the oil and gas exploration business—including the expertise of the company’s co-founder, renowned oilman Carl Swan. According to the option agreement, FTTN has 60 days to perform due diligence toward a possible purchase agreement with Bedford.
Bedford Energy is one of several potentially lucrative new partnerships, joint venture candidates and possible acquisitions that FTTN is targeting to increase the company’s developing foothold in the energy industry. For more information on FTTN’s drilling initiative, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
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.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
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