MIRAMAR BEACH, Fla.--(BUSINESS WIRE)--As First Titan Corp. (OTCBB:FTTN) targets undervalued energy assets across North America for acquisition and development, Mexico is sweetening its tax terms to help attract energy companies south of the border. The Financial Times reported this month that the country is holding its first competitive tender for contracts to explore and develop its hydrocarbons.
Mexico put its nationalized oil fields up for bid to private companies for the first time in 75 years in 2015. With oil prices lingering at depressed levels, the country is working hard to woo foreign oil and gas investors to develop its considerable unconventional reserves. Favorable tax adjustment mechanisms and other possible enticements from the government could spell big opportunity for First Titan Corp.
“The Mexican government appears willing to do whatever it takes to put the country back on a path to rising oil output,” said FTTN CEO Sydney Jim. “Market forces are colliding to produce bargain rates on Mexican assets. We’re constantly scouting new opportunities there right now, ready to pounce.”
FTTN owns a portfolio of oil and gas assets in the southern U.S., and the same unconventional assets now being developed in West Texas continue on beyond the Rio Grande. The company has plans to capitalize on low oil prices by adding promising new wells in Mexico to its collection.
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. (NASDAQ: 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.