FTTN: Cold Temperatures to Turn Up Natural Gas Prices
December 03 2013 - 5:00AM
Business Wire
With unseasonably cold temperatures sweeping the nation, natural
gas inventories are hitting a deficit, driving the price of natural
gas within range of $4.00 per million British thermal units (mmbtu)
and spiking the value of natural gas assets owned by oil and gas
energy company First Titan Corp. (OTCBB: FTTN).
The Energy Information Association reported that operators
recently withdrew 45 billion cubic feet of natural gas from storage
as severe cold blanketed the nation. The withdrawal was above last
year’s draw of 38 bcf, and much colder temperatures are being
forecast for the winter, beginning this month. The National Oceanic
and Atmospheric Association and The Weather Channel are calling for
colder-than-average temperatures over the northern tier of states,
from Washington state to northern New England.
“As it gets colder, people are forced to use the heater more,
even in usually mild climate regions such as the Southwest and
Southeast,” FTTN Interim CEO Robert Federowicz said. “We expect our
natural gas plays to be in even more demand as inventories
decrease.”
Industry researcher Seeking Alpha reports that expected frigid
temperatures over key regions of the U.S. will lead to large
withdrawals from natural gas inventories in the coming weeks,
driving the price for natural gas to higher than expected
levels.
First Titan Corp. is building a substantial collection of oil
and natural 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.
First Titan CorporationRobert
Federowicz, 941-753-4889Interim CEOinfo@firsttitancorp.com