BRADENTON, Fla.--(BUSINESS WIRE)--With big plans to ramp up oil and gas production in 2013, First Titan Corp. (OTCBB: FTTN) is targeting new opportunities at the center of the U.S. energy boom: Texas’ Permian Basin.
“As long as prices stay above $70 a barrel, the dense rock of the Permian Basin will remain a prime target for drilling”
The Dallas Morning News reported last year that many of leading oilmen expect the Texas’s oil production to double within five to seven years. The region’s status as a traditional oil hub has been reinvigorated by new drilling technologies and rising crude prices, which have made drilling oil in its many shale fields a highly lucrative proposition.
FTTN is working to get in on one of the world’s hottest oil plays. Company Leadership is focused on bolstering its growing portfolio of oil and gas assets by acquiring prospective and existing production in the Lone Star State.
“As long as prices stay above $70 a barrel, the dense rock of the Permian Basin will remain a prime target for drilling,” said FTTN CEO Harvey Bryant.
Production is already underway at the well in Alabama’s Little Cedar Creek Field in which FTTN acquired a working interest last year. Reserve estimates for that well range from 400,000 to 800,000 barrels of oil. The Company also has the funding and permits in place to begin drilling a second well in Louisiana, another oil and gas hotspot.
“2013 is going to be a year of growth for our organization,” Bryant added.
For more information on FTTN’s projects, please visit www.firsttitanenergy.com/investors.html.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Occidental Petroleum Corp. (NYSE: OXY), Anadarko Petroleum Corp. (NYSE: APC), Energen Corp. (NYSE: EGN) and Apache Corp. (NYSE: APA).
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.