FTTN Moves Forward With Texas Acquisitions as State's Oil Production Outpaces Rivals
BRADENTON, Fla.--(BUSINESS WIRE)-- With Texas Tea flowing at a record pace in 2013, First Titan Corp. (OTCBB: FTTN) has placed the Lone Star State at the center of its aggressive oil and gas acquisitions strategy.
A recent report in the Wall Street Journal detailed Texas' impressive energy production growth model, which is currently outperforming rivals like California by a drastic margin. Texas has doubled its oil output since 2005 to pump out nearly two million barrels a day this year, almost 30 percent of total U.S. production.
That huge number means that Texas is now producing as much oil as the four next-largest producing states combined. As promising as its present totals are, the future looks even brighter for the state. Texas Railroad Commissioner Barry Smitherman, who also serves as oil commissioner, predicts that the state's "total (oil) production could double by 2016 and triple by the early 2020s."
FTTN has plans to capitalize on the incredible growth in Texas oil production as increasing global demand for oil as well as innovations in drilling technology have turned the state's once-sluggish oil industry into a booming success. The company is close to acquiring a working interest in approximately 1,000 acres in Hardin County that include producing assets with development upside. FTTN believes that the property could potentially make a profitable addition to its Texas portfolio, which currently includes assets in Terrell County.
FTTN is a rising oil and gas company dedicated to continuing development of energy assets throughout North America alongside companies such as Continental Resources, Inc. (NYS: CLR) , Chesapeake Energy Corp. (NYS: CHK) , SandRidge Energy Inc. (NYS: SD) and Ultra Petroleum Corp. (NYS: 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 Corporation
Harvey S. Bryant, 941-753-4889
President and CEO
KEYWORDS: United States North America Florida Texas
The article FTTN Moves Forward With Texas Acquisitions as State's Oil Production Outpaces Rivals originally appeared on Fool.com.
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