Fresh off the signing of an
important letter of intent to explore business opportunities in the
oilfield service market, First Titan Corp. (OTCQB: FTTN) is noting one
bold prediction that the industry could soon enjoy a welcome rebound.
According to one noted industry analyst, the oil market is showing the first
signs of tightening, meaning demand is starting to outpace supply.
If this trend holds, the price of crude could rise, leading to expanded
budgets for exploration, production and service – a market FTTN wants to
Tudor, Pickering, Holt & Company Managing Director and Head of Macro
Research David Pursell said in a video presentation that global crude
oil markets are nearly “balanced” after a long period of supply swamping
demand. Pursell contends inventory data indicates the market is tighter
than the current conventional consensus. As a result, it’s possible the
price of oil could rise to as much as $80 a barrel in 2016.
“If this analysis holds, it’s great news for the entire industry,” said
FTTN CEO Sydney Jim. “In particular, it’s wonderful news for us as we
would be entering the market right as it recovers and is ready to open
the spending taps. Purcell’s research warrants additional study and we
intend to take it into account as we move forward pursuing opportunities
in the midstream services sector.”
Recent forecasts have predicted the oilfield equipment market will top
$127 billion by 2020. However, that figure could rise substantially
should the oil and gas industry shake its current price slump.
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/20151119005742/en/
Copyright Business Wire 2015
Source: Business Wire
(November 19, 2015 - 8:47 AM EST)
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