FTTN: Low Storage Levels Boost Outlook for U.S. Natural Gas
May 05 2014 - 7:00AM
Business Wire
A new report predicts that immediate demand for natural gas will
increase dramatically, a promising development for First Titan
Corp. (OTCBB: FTTN) as one of its oil and natural gas wells
prepares to go online.
Canaccord Genuity, a global, full-service investment bank,
reports that U.S. natural gas inventories are 48 percent below 2013
storage levels and 53 percent below the five-year average.
Following this year’s extended and abnormally frigid U.S. winter,
current, low storage levels are bullish for natural gas demand as a
greater amount of refilling must be done this summer to bring
storage back to necessary levels.
In addition, the U.S. Energy Information Administration (EIA)
expects total natural gas consumption will average 72.1 Bcf per day
(Bcf/d) in 2014, an increase of 0.7 Bcf/d from 2013.
“These natural gas projections are encouraging for First Titan
and the Company’s natural gas producing assets,” FTTN CEO G.
Jonathan Pina said. “The harsh U.S. winter decreased natural gas
inventories, which must be replenished in preparation for the
expected increased demand by consumers later this year. With our
South Lake Charles, Louisiana project expected to go online in the
near future, we are pleased to hear of a favorable market pricing
environment for natural gas.”
First Titan Corp. owns non-operating working interests in wells
located in Alabama, Oklahoma, Texas and Louisiana. The Company is
building an asset base of oil and gas properties and is 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/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 CorporationG. Jonathan
Pina, 850-269-7267President and
CEOinfo@firsttitanenergy.com