Following last month’s signing of a key letter of intent (LOI), First
Titan Corp. (OTCQB: FTTN) has announced it is conducting due
diligence that could lead to another important mineral rights
acquisition deal in the surrounding area of west Texas.
In October, FTTN inked
an LOI to purchase a producing field in the Cline Shale region,
located north/northwest of Midland, TX. Now the company has identified
other promising acquisition targets nearby and has made the first steps
towards adding these properties to its growing oil and gas portfolio.
The Cline Shale is an extension of the legendary Permian Basin, long one
of the most prolific onshore producing areas in the state and in the
“We’re looking at some promising fields,” said FTTN CEO Sydney Jim. “The
Permian Basin has a lot of life left in it thanks to the new drilling
and production technologies now available and the Cline Shale will play
a big role in a market rebound. We still have some serious due diligence
ahead of us, but right now, we like what we see. Should the right
opportunity arise, we will take advantage of it, as per our strategic
long-term business plan.”
have rated the Cline Shale as one
of the hottest oil and gas plays going at present, behind only North
Dakota’s world-class Bakken region. The Cline Shale formation covers an
area larger than the state of Nebraska and contains light,
sweet crude – the type generally preferred by refiners as it is
easier to process – and petroleum liquids.
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/20151112005821/en/
Copyright Business Wire 2015
Source: Business Wire
(November 12, 2015 - 9:18 AM EST)
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