LAS VEGAS--(BUSINESS WIRE)--As First Titan Corp. (OTCBB: FTTN) continues its due diligence on a potential move into enhanced oil recovery (EOR), the company is finding increased enthusiasm in the industry for the process, with one prominent online news portal calling it “the next big thing.”
According to OilPro.com, “The falling price of oil could mean that Enhanced Oil Recovery could become ‘The Next Big Thing’ in the oil business due to the high cost of hydraulic fracture drilling, which will prohibit E&P going forward as the price of oil remains low.”
OilPro.com also said that several thousands of so-called stripper wells that have been plugged contain billions of barrels of oil recoverable only through EOR technologies.
“The main takeaway is that exploration and production are now becoming cost-prohibitive thanks to continually falling oil prices,” said FTTN CEO Sydney Jim. “EOR is rapidly becoming a cost-effective way to competitively produce in the current price environment. If EOR on already producing wells is cheaper than new exploration, fracking or developing shale deposits, then this technology creates a unique market opportunity we can take advantage of to build revenues. This is the kind of information we are looking for to enable us to make the most prudent decision on the future of FTTN.”
Some analysts speculate EOR technology could be a vital weapon to fight back against OPEC in the current global oil price war.
FTTN has been investigating EOR as part of an effort to diversify its business portfolio to better profit from the present market conditions.
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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