LAS VEGAS--(BUSINESS WIRE)--With the price of oil sinking to levels not seen in years, industry analysts are predicting a coming wave of mergers and asset sales in the oilfield services sector, a scenario that could help First Titan Corp’s. (OTCQB:FTTN) plans to enter the market.
“What’s going to happen is these mergers and sales are going to greatly disrupt service company’s relationships with exploration and production companies,” said FTTN CEO Sydney Jim. “This offers a strategic opening in the market we can exploit. Oil companies will need new service vendors to replace those that go under or are taken over in this low-price environment. We can step in and use this economic situation to our advantage to fill in these growing service gaps, building relationships and revenue.”
Industry watchers predict the service companies that will survive the current difficulties are those with low debt. This low debt will give them the flexibility to not only weather the tough times ahead but to buy out rivals and grab additional market share.
“We’ve been very careful with debt,” said Mr. Jim. “So we have the needed flexibility to adapt and prosper while others are struggling.”
FTTN continues due diligence on oilfield service equipment, looking at auctions and asset sales for suitable acquisition opportunities.
The Company is building a competitive portfolio of oil and gas properties alongside companies such as Lucas Energy, Inc. (LEI), Earthstone Energy, Inc. (ESTE), Fieldpoint Petroleum Corp. (FPP) and Evolution Petroleum Corp. (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.