FTTN Targets Promising Energy Assets in Mexico’s Newly Reformed Energy Market
March 18 2015 - 5:00AM
Business Wire
As First Titan Corp. (OTCBB:FTTN) continues to target distressed
and undervalued energy assets well-positioned to rise in value once
oil and gas prices rebound, the company announced today that it has
turned its gaze south of the Rio Grande. As Mexico puts up
nationalized oil fields for bid to private companies for the first
time in more than 75 years, First Titan will target prime
acquisition opportunities in a nation where production could rise
to 3.7 million barrels per day by 2040.
“Now is the ideal time to acquire assets in oil-rich Northern
Mexico,” said FTTN CEO Sydney Jim. “The oil fields are being put up
for bid, but weak oil and gas prices are keeping interest from
major operators low. By acquiring highly promising Mexican assets
now, First Titan could stand to profit enormously once energy
prices inevitably rebound.”
Though the massive shale formation that made many people rich in
South Texas hardly stops at the Rio Grande, Mexican oil company
Pemex has been largely unable to capitalize on these reserves so
far due to a lack of expertise in unconventional drilling
techniques. That will soon change. Mexico estimates that it will
need more than 40,000 new wells to develop its virgin shale
fields—a potentially highly lucrative opportunity for U.S. energy
firms such as First Titan Corp.
“There is an extraordinary wealth of hydrocarbons down there,
and demand for them is low right now,” Mr. Jim said. “We intend to
pounce.”
FTTN is building a competitive portfolio of oil and gas
properties and remains dedicated to the continued development of
energy assets throughout North America alongside companies such as
Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NYSE:
ESTE), Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution
Petroleum Corp. (NYSE: 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.
First Titan CorporationSydney Jim, 850-269-7267President
and CEOinfo@firsttitanenergy.com