LAS VEGAS--(BUSINESS WIRE)--Many of today’s mainstream headlines talk about the effect of low prices on the oil industry. However, scratch below the surface and dig a little deeper into the news, and there are many indications the oil and gas market is about to pivot in a completely new direction, a welcome change in course First Titan Corp. (OTCQB: FTTN) has been anticipating and preparing for.
Industry talk has been quietly gathering momentum about a coming oil price spike. More and more analysts are saying OPEC (the Organization of Petroleum Exporting Countries) can no longer sustain its ongoing price war and that member nations have begun feuding amongst themselves. In addition, an increasing industry watchers are forecasting a coming rise in crude prices – ranging from $80 a barrel next year to as high as $130 by 2017.
“The net result of all this news is that the Enhanced Oil Recovery (EOR) market could soon get a strong boost,” said FTTN CEO Sydney Jim. “If and when prices rise, that will make EOR a much more attractive option for bringing declining fields back to productive life. And as EOR offers a quicker payoff than wildcat drilling, we expect a dramatic upturn in activity as soon as a recovery takes hold. If our plans bear out, we will be entering this promising market at the most opportune time, ready to take advantage of the upswing.”
A recently released report has forecasted the EOR market to grow at a robust 16.9 percent rate between now and 2019.
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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