As First Titan Corp. (OTCBB:FTTN) explores new acquisitions and
continues production at current assets, oil and natural gas are gaining
globally and could experience sustained increases.
The price of oil rose over 40 cents from last week, with rigzone.com
reporting that the demand for oil could increase because October trade
data in China showed growth in overall imports accelerating. Also
contributing to the spike in oil was the fact sanctions remained on Iran
because of that country’s nuclear program. With a deal unable to be
reached, concerns were allayed of an influx of Iranian oil into world
markets at a time of already abundant supplies.
According to The Associated Press, data for the week ended Nov. 8 are
expected to show an increase in crude oil stocks of 1.8 million barrels,
the eighth straight weekly increase.
In addition to oil, natural gas reached $3.57 per 1,000 cubic feet.
FTTN is an oil and gas energy company seeking continued growth of a
diversified oil and gas portfolio. The company possesses some of the
best plays in Alabama, Louisiana, Oklahoma and Texas, including the
South Lake Charles Prospect, where the FTTN well is being drilled to a
target depth of 15,300 feet. Initial reserve estimates for the well were
that approximately 60 billion cubic feet of gas and 4 million barrels of
oil could be extracted.
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.
Copyright Business Wire 2013