LAS VEGAS--(BUSINESS WIRE)--First Titan Corp. (OTCQB:FTTN) has inked an oil, gas and minerals option with Mustang Loan Co. for one of Mustang’s properties near Abilene, TX. The move is part of FTTN’s continuing strategic efforts to acquire leases at discounts from companies hard hit by the ongoing oil price downturn.
The field is on the westernmost edge of the Barnett Shale, the third most prolific shale oil producing region in Texas. However, some analysts have previously speculated the area may actually have the largest producible reserves of any onshore oil and gas field in the continental United States.
“The market is opening up and several exciting opportunities are coming into focus,” said FTTN CEO Sydney Jim. “This acreage is located in a well-known, prolific play. We expect to find additional properties in the area and want to package them together as part of a larger plan to begin exploration as the price of oil recovers. We will also continue due diligence into other possible acquisitions, notably in the Cline Shale region in west Texas, and in the Bakken Shale in the north central U.S.”
FTTN’s deal comes as hints continue to surface about a potential oil price recovery in the near future. An increasing number of industry watchers are forecasting crude prices will shortly start to rise – ranging from a low of $80 a barrel in 2016, a medium of $100 a barrel in the near term, to as high as $130 by 2017.
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.