LAS VEGAS--(BUSINESS WIRE)--First Titan Corp. (OTCBB: FTTN) continues to examine a wide array of options concerning its possible entry into the Enhanced Oil Recovery (EOR) business, and while no decision has yet been made, the company has been buoyed by several market indicators.
According to one published industry forecast, the global EOR market is expected to reach $516 billion by 2023, up substantially from just $38 billion in 2012. The forecast also predicted global EOR will also enjoy a nearly 27 percent compound annual growth rate (CAGR) during this time period. North America, the largest segment, represents nearly 40 percent of the total market.
“We are quite encouraged by the market research and due diligence results to this point,” said FTTN CEO Sydney Jim. “As indicated by the research, EOR shows great possibilities for growth, and we believe that growth can lead to strong revenue potential for FTTN and increased shareholder value for our investors. However, a decision of this magnitude requires careful consideration and we are still conducting comprehensive due diligence, as any responsible company should do.”
EOR is a method for increasing the amount of crude oil that can be extracted from an existing field using either thermal, chemical or gas injections into a declining reservoir. As oil prices fall, it could be more cost effective for producers to extend the life of declining fields through EOR rather than drilling new wells, using controversial fracking technology or developing potentially expensive-to-extract shale oil resources.
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.