MIRAMAR BEACH, Fla.--(BUSINESS WIRE)--First Titan Corp. (OTCBB: FTTN) is casting an interested eye towards making potential new asset acquisitions as crude oil prices continue to rise.
“Nearly a year after prices fell dramatically, the market has shown signs of recovering,” said FTTN CEO Sydney Jim. “This is the perfect time to take advantage and profit from the asset sales less-prepared energy companies have had to endure to stay in business. With the price floor established, the market should now improve going forward, paving the way for us to reap a healthier bottom line from undervalued assets acquired at bargain-basement prices.”
Industry analysts note that on June 2 the futures price of West Texas Intermediate, a key spot market benchmark crude, closed above $61 for the first time since 2014. This level represented a psychological barrier for traders and now that the price has topped that obstacle, it could be poised to rise further, market watchers speculate.
Analysts cite a falling U.S. dollar, increasing domestic refinery demand, declining crude oil inventories, and rising global imports as additional factors that should keep petroleum prices strong through the remainder of the year.
As oil prices dropped suddenly from $100 a barrel to nearly $45 last year, exploration and production companies shed assets to stay competitive.
FTTN has spent the last several months scouting promising energy investments, both in the oil & gas sector and clean energy. “As prices recover, savvy companies that had the daring and the vision to go against the flow, like FTTN, will be rewarded,” Mr. Jim said.
For more information on FTTN’s current 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.
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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.