Buoyed by its recent letter
of intent (LOI) signing and increased industry talk of possible
higher oil prices, First Titan Corp. (OTCQB: FTTN) has ramped up its
hunt for business opportunities in the oil field service sector. FTTN is
looking to either acquire existing companies, enter partnerships with
other firms seeking capital or even starting a new outfit, depending on
what its due diligence finds.
“Our search is rapidly gaining momentum,” said FTTN CEO Sydney Jim. “We
intend to concentrate on the midstream sector as we believe these are
where the brightest opportunities will be found in the years ahead.
However, we’re not ruling out any possibilities at this point and will
listen and consider each opportunity on its own merits as to whether it
has the capability of meeting our long-term goals. Those goals are, as
always, to build sustainable revenue streams and increase shareholder
Equipment demand remains strong in the midstream sector as companies
cannot put off or delay plant maintenance work. Much of the equipment
used in upstream can be repurposed for use in midstream. As struggling
upstream companies are forced
to sell equipment at tremendous discount, this creates a unique
chance to buy valuable equipment from one sector for pennies
on the dollar and sell it to another to turn a profit.
Industry forecasts earlier this year predicted the oilfield equipment
market will top
$127 billion by 2020. However, in light of several recent stories
about a potential
oil price rebound in 2016, future oil field service forecasts should
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/20151201005320/en/
Copyright Business Wire 2015
Source: Business Wire
(December 1, 2015 - 5:00 AM EST)
News by QuoteMedia