Oilfield Service Mergers Could Open the Door for FTTN to Grab Customers and Market Share
With the price of oil sinking to levels not seen in years, industry
analysts are predicting a coming wave of mergers and asset sales in the
oilfield services sector, a scenario that could help First
Titan Corp’s. (OTCQB:FTTN) plans to enter
“What’s going to happen is these mergers and sales are going to greatly
disrupt service company’s relationships with exploration and
production companies,” said FTTN CEO Sydney Jim. “This offers a
strategic opening in the market we can exploit. Oil companies will need
new service vendors to replace those that go under or are taken over in
this low-price environment. We can step in and use this economic
situation to our advantage to fill in these growing service gaps,
building relationships and revenue.”
Industry watchers predict the
service companies that will survive the current difficulties are
those with low debt. This low debt will give them the flexibility to not
only weather the tough times ahead but to buy out rivals and grab
additional market share.
“We’ve been very careful with debt,” said Mr. Jim. “So we have the
needed flexibility to adapt and prosper while others are struggling.”
FTTN continues due
diligence on oilfield service equipment, looking at auctions and
asset sales for suitable acquisition opportunities.
The Company 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
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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
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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/20160113005292/en/
Copyright Business Wire 2016
Source: Business Wire
(January 13, 2016 - 5:00 AM EST)
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