BRADENTON, Fla.--(BUSINESS WIRE)--The U.S. oil rig count rose to a new record last week as energy companies including First Titan Corp. (OTCBB:FTTN) boosted exploration to take advantage of crude prices topping $100 a barrel.
Baker Hughes Inc. reported that rigs engaged in exploration and production in the U.S. totaled 1,989 for the week ended March 2, 2012. The oil rig count was up by 28 to 1,293. The current tally – the highest since Baker Hughes started breaking up oil and natural gas rig counts in 1987 – is way above the previous year’s rig count of 801.
New drilling technologies and rising crude prices have helped spark a boom in domestic oil exploration. First Titan is working to capitalize on the black gold rush, acquiring working interests in new oil wells to be drilled in West Texas and Louisiana. The first of these, in South Lake Charles, La., is set to be spudded this month.
Earlier this week, the company signed an option agreement with Green Oil Operating, LLC, to explore the infield development of oil and gas resources in Oklahoma.
FTTN continues to seek out potentially lucrative new partnerships, joint venture candidates and possible acquisitions that will increase the company’s developing foothold in the energy industry. For more information on FTTN’s drilling 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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