Titan Corp. (OTCBB:FTTN) continues its due
diligence on the oilfield services and equipment markets, narrowing
its focus to the midstream sector. FTTN believes this sector will
provide a promising future market for used oilfield equipment as
midstream projects, unlike those in upstream, are less likely to fall
victim to the current pricing slump.
oil and gas industry concentrates on gathering, storing and
transporting oil, natural gas and other petroleum-based liquids. As a
result, it’s often less severely affected by cyclical swings in
commodity prices than the more volatile upstream (or exploration and
This is because no matter the cost to produce or refine, product still
needs to be stored and transported, and while exploration budgets are
being slashed in upstream, work continuously needs to be done on
existing pipelines, gathering plants and storage tanks.
“From a services and equipment standpoint, the midstream market
currently offers more opportunities than upstream,” said FTTN CEO Sydney
is seeing a rash of mergers and acquisitions as capital becomes
tight. These companies will now be more likely to turn to used
equipment, which will be less expensive, and thus more attractive, than
new. Our research is showing a definite niche FTTN can fill in terms of
buying, selling and leasing service equipment to these bargain-hunting
Auction houses are reporting
record turnouts for oilfield equipment sales, demonstrating a viable
market exists. Studies also forecast the market for oilfield equipment
$127 billion by 2020, indicating future demand will remain strong.
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/20151105005605/en/
Copyright Business Wire 2015
Source: Business Wire
(November 5, 2015 - 5:00 AM EST)
News by QuoteMedia