FTTN: Big Money Being Spent on Enhanced Oil Recovery, Setting Stage for Market Boom
A recently announced high-dollar project indicates the market for
enhanced oil recovery (EOR) is nearing a takeoff point, and the news
comes just as First Titan Corp. (OTCBB: FTTN) is approaching a decision
of when and how to enter this potentially lucrative field.
Houston-based Devon Energy has announced it is planning
to invest $100 million on an EOR project that will use carbon
dioxide (CO2) to
extend production on a declining Wyoming oil field. Meanwhile,
to expand EOR technology use in Alaska’s giant Prudhoe Bay oilfield,
which has entered middle age production-wise and is a prime candidate
for increased tertiary recovery methods.
“EOR is becoming a hot market worthy of our interest and possible
investment,” said FTTN CEO Sydney Jim. “Oil companies are realizing that
not only is tertiary recovery a way to maintain production on older
legacy fields, it’s also an effective means to reduce the need for new
wells, thus dramatically cutting production costs. This is more vital
than ever considering the current oil price environment. We’re now
seriously looking for ways to enter this market. We believe it has
enormous revenue potential and offers a way for us to build shareholder
A recently released industry research report is forecasting the enhanced
oil recovery (EOR) market is
expected to grow at a robust 16.9 percent clip between now and 2019.
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/20151007005018/en/
Copyright Business Wire 2015
Source: Business Wire
(October 7, 2015 - 5:00 AM EDT)
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