BRADENTON, Fla.--(BUSINESS WIRE)--As First Titan Corp. (OTCBB:FTTN) continues exploring new oil and gas opportunities in the Gulf of Mexico region, oil prices climbed to the highest level in five weeks on Wednesday after Iran threatened to cut off some crude exports to Europe in retaliation for a planned embargo later this year.
An interruption in Iranian shipments means European refineries could have to find new sources of oil sooner than they expected. The European Union, which buys about 18 percent of Iran's total crude exports, announced plans earlier this year to embargo Iranian oil this summer to pressure the country to abandon its nuclear program.
This latest incident in a series of Middle East political flaps is a prime reason why FTTN and other oil companies are working to develop new supplies in stable, developed nations like the U.S. The more crude oil that’s produced in the U.S., the less likely it is that Middle Eastern politics can trigger supply fears that drive up oil prices.
Continued political tensions could increase the profitability of U.S. drilling by keeping oil prices trending upward. FTTN has already made moves to capitalize, acquiring working interests in wells set to be drilled in Texas and Louisiana. Now, the company has turned its attention to bargain opportunities in the Gulf of Mexico as global energy demand continues to grow.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside 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 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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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.