FTTN: Oil Field Service Bargains Offer Potential New Revenue Stream in Market Rebound
Titan Corp. (OTCBB: FTTN) believes it has found a lucrative new
source of future revenues and is pursuing opportunities in a market some
are abandoning: oil field services.
Oversupply and falling demand have the oil and gas industry mired in a
slump. Oil field service firms have been caught in a vise of too
much debt and not
enough projects to go around as exploration
and production companies cut budgets. This has resulted in industry-wide
asset auctions where valuable,
often pristine equipment can
be purchased for a fraction of its true cost.
“The current price slump has opened a substantial window of opportunity
to obtain good equipment at tremendous, previously unimaginable
discounts,” said FTTN CEO Sydney Jim. “The oil and gas industry will
recover, and when it does, companies that have taken advantage of these
once-in-a-generation opportunities can reap windfalls if they plan and
act accordingly. We’re looking at buying oil field service equipment,
refurbishing it, and when the market does recover, selling it at a
significant markup as drilling ramps up again. Such a plan holds the
promise of solid revenues when the market upturns.”
Auction houses are reporting
record turnouts for oil field equipment sales, indicating there is a
viable market of companies wanting to put such items to immediate use.
Studies also forecast the market for oil field equipment will top
$127 billion by 2020, showing the 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/20151001005558/en/
Copyright Business Wire 2015
Source: Business Wire
(October 1, 2015 - 5:00 AM EDT)
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