BRADENTON, Fla.--(BUSINESS WIRE)--As Texas continues to produce staggering oil and gas production numbers, fast-rising oil and gas energy company First Titan Corp. (OTCBB: FTTN) and its investors are poised to realize potentially big profits.
With FTTN focusing on acquiring assets in East and South Texas to add to its already impressive oil and gas portfolio, Forbes is reporting that the oil and natural gas boom in Texas shows no sign of slowing. According to Forbes, Texas’ oil production represents approximately 30 percent of the total United States output; that number reached 34.5 percent in May when the Lone Star State averaged 2.525 million barrels per day, the highest daily output for the state since April 1982. By the end of the year daily oil production for Texas is expected to exceed 3 million barrels per day.
Texas is also a stellar producer of natural gas, accounting for just over 27 percent of U.S. production in May. If Texas were a country, it would rank No. 3 among all nations in natural gas production, behind Russia and the other 49 U.S. states.
Spurring the booming production numbers is the fact that Texas has 832 drilling rigs, almost 50 percent of all land rigs in the U.S., and fully 25 percent of all rigs working across the globe.
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.