LAS VEGAS--(BUSINESS WIRE)--First Titan Corp. (OTCBB:FTTN) is keeping close tabs on promising energy industry technology trends now on the horizon that could provide a means to steady revenues even as the oil business tries to weather an ongoing price slump.
These new technologies involve carbon dioxide (CO2) enhanced oil recovery (EOR). CO2-based EOR can extend an existing oil field’s production life by up to 25 years, enabling energy companies to get more out of their current oilfields at a lower cost than drilling new wells.
“This technology could save our industry from its ‘boom or bust’ cycles,” said FTTN CEO Sydney Jim. “The domestic energy industry is suffering as OPEC drives oil prices down to force U.S. frackers out of business. But this technology isn’t as expensive as fracking. So FTTN is definitely interested in CO2 and we’re looking to utilize it as we acquire oil and gas assets. This technology could be key to developing a revenue stream in even the most challenging business environments, such as the one we are in today.”
The U.S Department of Energy (DOE) estimates using CO2-EOR could increase the nation’s oil recovery from 30 percent to 60 percent. The DOE also theorized that if “used to its full potential, CO2-EOR could reduce overseas oil imports to just 10 percent.”
Further down the road, Mr. Jim said FTTN could also be interested in developing and producing CO2 for others via capture of the gas from industrial sources. “That is something we’re examining carefully,” he said.
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.
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