BRADENTON, Fla.--(BUSINESS WIRE)--First Titan Corp.’s (OTCBB:FTTN) wholly owned energy subsidiary, First Titan Energy, LLC, announced today that it initiated talks to acquire oil and gas leases and exploratory wells in North America.
“We’re talking to potential partners about the possible acquisition of North American oil and gas properties,” said FTTN CEO Robert Federowicz. “Even though global oil production is increasing, prices remain high because global demand keeps growing. We’re interested because new technology has made drilling for oil and gas in North America that was once considered unrecoverable potentially very profitable, and the special challenges presented by developing these same resources overseas aren’t present in the domestic wells and leases that we’re considering.
“While we still remain engaged in the pursuit of shale gas opportunities, the timeline involved in the development of potential projects abroad allows us to simultaneously explore North American resources, as well,” he added.
Upstream technology innovations are helping to make the U.S. the frontier of oil and gas exploration once again as the nation becomes a net energy exporter. According to the Department of Energy, the U.S. exports of petroleum products have reached 2.6 million barrels a day—double the level of three years ago. While the domestic demand for oil has been slumping since the onset of the current financial crisis, demand in Asia and other emerging markets is expected to grow for decades.
“The demand for fuels in Asia and Europe is exploding, and the U.S. has the resources to help keep those markets supplied,” Federowicz said. “Many of the major energy companies are taking a fresh look at the U.S., and we’d like to be ahead of the curve.”
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chevron Corp. (NYSE: CVX), Royal Dutch Shell (NYSE: RDS), Exxon Mobil Corp. (NYSE: XOM) and TOTAL S.A. (NYSE: TOT).
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
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.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
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