FTTN’s Acquisition Strategy Aims to Take Advantage of Big Oil’s Capital Spending Cuts
Major oil companies are drastically cutting capital spending plans in
response to continued low crude prices, and that news plays right into
the hands of First Titan Corp. (OTCQB:FTTN), which is ramping up its
asset acquisition program.
Crude prices are at 11-year lows. As revenues and profits fall, major
oil companies are borrowing heavily to preserve dividends. They’re
2016 capital spending plans for new drilling and development, and
putting assets up for sale. These cuts follow an estimated $250
billion drop in spending last year.
FTTN believes these spending cuts and asset sales open a unique window
of opportunity it intends to exploit.
“We have a once-in-a-generation chance to acquire valuable assets at
rock-bottom prices,” said FTTN CEO Sydney Jim. “There’s no way these
assets would ever be available in normal market conditions. Now is the
perfect time to build an aggressive portfolio that will lead to
sustainable revenues and increased shareholder value when a recovery
inevitably takes place.”
One major investment group gives credence to ideas like those proposed
by FTTN. Citi Research is predicting the
oil market will balance in the second half of the year. And others
are forecasting today’s cuts will
lead to future shortages, which FTTN says will greatly boost the
value of assets bought in today’s low-price environment.
FTTN is building a competitive portfolio of oil and gas properties
alongside companies such as Lucas Energy, Inc. (LEI),
Earthstone Energy, Inc. (ESTE),
Fieldpoint Petroleum Corp. (FPP)
and Evolution Petroleum Corp. (EPM).
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/20160107005333/en/
Copyright Business Wire 2016
Source: Business Wire
(January 7, 2016 - 5:00 AM EST)
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