BRADENTON, Fla.--(BUSINESS WIRE)--As First Titan Corp. (OTCBB:FTTN) works to increase its domestic oil and gas assets, the company’s next drilling lease acquisition could come from offshore.
The Gulf of Mexico is the massive new frontier for oil and gas drilling in the U.S. The Energy Information Administration (EIA) in Washington announced last week that deepwater Gulf production will likely be more crucial to American energy independence than shale formations. Over the next decade, the Gulf is expected to be the driving force in growing U.S. oil production. As new projects come online, output there could expand from 1.3 million barrels a day last year to 2 million barrels a day by 2020.
Last week, President Obama announced plans to open 39 million acres in the Gulf to oil exploration. This presents an unprecedented opportunity to emerging energy players such as FTTN to grow very rapidly while creating American jobs and improving the nation’s energy security.
The company will continue to target new onshore assets as it explores opportunities in the Gulf in order to build a well-rounded, robust collection of assets in the booming domestic energy sector.
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
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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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.