Titan Corp. (OTCQB:FTTN) has been watching reports of recent
tensions among members of the Organization of Petroleum Exporting
Countries (OPEC) and believes the bickering could foreshadow the end of
the world crude price war that has shaken the American oil & gas
The company continues to move aggressively with its acquisition plans
and due diligence into the service and enhanced oil recovery markets,
moves it is confident will place it in a strong business position once
the industry recovers.
The oil minister for the United Arab Emirates (UAE), the world’s
sixth-largest petroleum producer, has predicted crude
prices are due for a “correction” in 2016. This follows news of
strains among OPEC members in Abu Dhabi. When the UAE announced it was
increasing production to make up for revenue shortfalls, Oman’s oil
minister called the price war, now negatively affecting even OPEC, “irresponsible”
and a “man-made crisis,” according to published reports.
“Clearly the cracks are beginning to show in OPEC’s once-solid façade,”
said FTTN CEO Sydney Jim. “How long can the cartel hold out? Once they
relent, the whole global market could change overnight. We’re ready for
that scenario. Our forward-looking business plan will allow us to take
advantage of any price rebound. That plan features value-based
acquisitions and expansion into promising secondary markets. We’re
committed to the long-term and to increasing shareholder value.”
One analyst is predicting oil prices will
surge to $130 a barrel by 2017. This comes amid signs the
global oil glut may be ending.
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/20151110005471/en/
Copyright Business Wire 2015
Source: Business Wire
(November 10, 2015 - 5:00 AM EST)
News by QuoteMedia