BRADENTON, Fla.--(BUSINESS WIRE)--Two experts told a U.S. Senate panel this week what First Titan Corp. (OTCBB:FTTN) already knows: Higher crude oil prices, breakthroughs in technology and improving access to prospective acreage have placed the U.S. in the middle of a major oil production revival.
The Oil & Gas Journal reported on Tuesday that Roger Diwan, partner and head of financial advisory operations at PFC Energy, told the U.S. Senate Energy and Natural Resources Committee on Tuesday that the United States will become the largest producer of hydrocarbons in the world by 2020, surpassing Russia. Thanks to new drilling technologies, the nation is now on the verge of a golden energy era which is reshaping the industry worldwide, he said.
Diwan wasn’t alone in his optimism. Howard K. Gruenspecht, acting administrator at the U.S. Energy Information Administration, told the committee that the Department of Energy’s initial 2012 Annual Energy Outlook (AEO) reference case forecasts growth of 20 percent in U.S. crude production over the next decade. Net petroleum imports are expected to drop from 49 percent of total domestic consumption in 2010 to 38 percent in 2020, he said.
FTTN is working to help lead the vanguard of new domestic oil exploration. The emerging energy company has already acquired drilling assets in Texas and Louisiana and is currently focusing its attention on the next frontier in U.S. hydrocarbon production: the Gulf of Mexico. It’s all part of FTTN’s plan to capitalize on rising global demand for oil while creating American jobs and improving the nation’s energy security.
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 Linn Energy, LLC (NASDAQ: LINE), Cimarex Energy Co. (NYSE: XEC), SandRidge Energy Inc. (NYSE: SD) and Noble Energy, Inc. (NYSE: NBL).
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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