MIRAMAR BEACH, Fla.--(BUSINESS WIRE)--As the global market for oil and gas remains depressed, First Titan Corp. (OTCBB:FTTN) is seizing the opportunity to target and acquire undervalued and distressed energy assets well-positioned to increase dramatically in value once oil and gas prices rise again.
With oil currently trading at nearly half the price that it was when the U.S. boom was at its peak, domestic drilling and exploration has slowed down heavily, with the U.S. rig count dropping to its lowest level in five years. Many oil and gas companies are feeling the pinch, looking to sell off assets and equipment to offset projected losses.
Those same assets could pay off handsomely for FTTN and its investors when oil and gas prices rise, said company CEO Sydney Jim.
“There are now half-completed wells all over the country that won’t stay dormant forever,” Mr. Jim said. “Now is the time to pick up these assets at a big discount and build up our U.S. portfolio in preparation for the next upswing in the market.”
FTTN is building an asset base of oil and gas properties and is dedicated to the continued development of energy assets throughout North America alongside companies such as Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NYSE: 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.