FTTN: Service Firms Find New Ways to Work with E&P Companies, Making Sector a Better Bet
Low petroleum prices have forced exploration and production (E&P)
companies and oil field service organizations to come up with dramatic
new ways to profitably work together. First
Titan Corp. (OTCBB: FTTN) has noticed
this seismic relationship shift and believes it signals that the service
industry is now not only becoming a strong place to invest in, but is
also a new market worth exploring.
Some industry watchers are seeing that service companies and E&Ps are
developing working partnerships and moving away from adversarial
relationships. A major reason is that each now
realizes they need the other to survive the current downturn.
As a result, E&Ps and service firms are collaborating more rather than
each trying to gain the upper hand in contracts. The new working
produced more streamlined operations and this streamlining could
ultimately lead to technological advances that will make even this
current low-price environment profitable.
“The oil field service industry is stronger than many casual observers
think,” said FTTN CEO Sydney Jim. “Firms have developed far-sighted
plans that could help them weather the present slowdown. Optimization
is the new normal. We believe a strong opportunity exists here that
others are missing. We are pursuing possibilities in equipment
sales and refurbishment, but we’re also looking at service companies
themselves. If we can find a suitable prospect, we’re open to entering
Market forecasts predict oil
field services to grow at a steady 5 percent compound annual rate
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
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including statements that include the words “believes,” “expects,”
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151013005028/en/
Copyright Business Wire 2015
Source: Business Wire
(October 13, 2015 - 5:00 AM EDT)
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