BRADENTON, Fla.--(EON: Enhanced Online News)--As large, public exploration and production companies focus efforts on developing resource plays and selling conventional oil and gas assets, First Titan Corp. (OTCBB: FTTN) is dedicated to acquiring quality assets being parsed from larger company portfolios.
For large oil and gas companies, access to capital for drilling wells in resource plays such as the Eagle Ford Shale, Bakken and Marcellus Shale, is coming by selling off conventional assets and redeploying the funds. With many large-cap public companies focused on developing resource plays and selling conventional assets, competition for the assets being sold is relatively low. As private-equity firms clamor for management teams to back-fill the competition void, FTTN is poised to exploit the market and acquire producing and/or non-producing conventional assets that can be online within 60 days at more attractive economics.
Currently, FTTN is evaluating a highly promising acquisition in Hardin County, Texas, which includes several wells located on over 4,100 leased acres. Potential production from the lease position could total over 10,000 barrels per day, if a productive zone found in one of the wells is present across the entire acreage position. The target zone in the subject well was shut-in during the early 1950s after one year of production due to sand incursion, which could not be properly addressed with the technology of the time.
First Titan Corp. is building a substantial collection of oil and gas properties and is dedicated to the continuing development of energy assets throughout North America alongside companies such as Continental Resources, Inc. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
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.