Titan Corp. (OTCBB:FTTN) believes the
time is right for it to enter the growing rush for Mexican oil leases
now that the Latin American country has successfully
concluded its second international auction. The company is looking
for potential partners to join it in a consortium to bid in future
sales, noting the Mexican energy market has vast untapped revenue
potential once off limits to American oil companies.
The Mexican government awarded
three of five blocks up for bid in the September 30 round of
bidding. One block went to a major Italian oil company. The other two
blocks were won by consortiums
of smaller companies - the type of partnership FTTN is now proposing.
After a disappointing
auction in July, Mexico revised the rules and promised
to offer more lucrative and proven areas for sale.
auction rule changes were a positive move,” said FTTN CEO Sydney
Jim. “The bidding was much stronger than the previous round, which
fell well short of expectations. Clearly, the environment is now
more open and welcoming for international firms. We’re looking for
innovative, far-sighted companies like ours who want to be pioneers in
an up and coming market with great revenue potential. Should we find
such partners, we expect to take steps to be part of future auctions.”
Mexico is allowing international companies the opportunity to exploit
its oil and gas resources for the first time since 1938, when the
country nationalized the industry. Future auctions are tentatively
slated for 2016 and 2017.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
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.
Notice Regarding Forward-Looking Statements
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151005005554/en/
Copyright Business Wire 2015
Source: Business Wire
(October 5, 2015 - 5:00 AM EDT)
News by QuoteMedia