BRADENTON, Fla.--(BUSINESS WIRE)--Developing nations such as China are pushing global oil supplies to their limits, prompting exploration and development companies such as First Titan Corp. (OTCBB: FTTN) to aggressively pursue new resources to help meet rising worldwide demand.
Emerging economies in Asian nations such as India and China have been spared the worst of the global recession, and growth in these nations is now driving world energy demand. For the first time ever, more oil was consumed in 2010 by emerging economies in Asia than by the U.S. China claimed the majority of that growth — the growing superpower is on pace to have energy consumption levels 70 percent greater than the U.S. by 2035.
The rapid explosion of demand from emerging economies around the world has helped to very high oil prices this year as the supply side of the oil market struggles to keep up. FTTN is working to capitalize on high oil prices and help ensure that global demand is met by exploring and developing oil resources in the U.S.
Just this week, FTTN added a working interest in a proposed well located in Alabama’s largest producing oil field to its growing list of assets. It is the third working interest in a prospective well that FTTN has purchased so far this year. The company also owns interests in promising wells located in Terrell County, Texas, and Calcasieu Parish, La.
The company is aggressively pursuing the development of domestic resources to capitalize on high oil prices by creating American jobs. 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).
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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