Titan Corp. (OTCBB:FTTN) is intently watching the buildup for next
week’s Mexican oil lease auction and is carefully weighing its options
to join future rounds should September’s bidding process go more
smoothly than the first auction last summer.
In July, Mexico put 14 offshore lease parcels up for auction. However, the
results were disappointing as only two fields were awarded in
surprisingly light bidding, causing the process to fall well short of
its announced goal. As a result, Mexico
has revisited the auction rules in an effort to pique
international interest in outside participation in its struggling
energy industry. These
new rules have convinced companies like FTTN to give the process
“The perception around the industry was that Mexico wasn’t as interested
in reform as it had led everyone to believe,” said FTTN CEO Sydney Jim.
“That hurt the bidding and kept companies away. With these new rule
changes, the country now may be on the right track and we’ll be eagerly
watching as we are considering taking part in future auctions. Mexico
offers substantial growth and revenue potential not currently possible
in the U.S. Should the September 30 bidding prove more successful, it
would certainly raise our interest level.”
FTTN has been busy scouting
potential asset acquisitions, both in the United States and in Mexico’s
reforming energy sector. The company is also pursuing
business opportunities in enhanced oil recovery, which also offers
possibilities on either side of the border.
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/20150924005306/en/
Copyright Business Wire 2015
Source: Business Wire
(September 24, 2015 - 5:00 AM EDT)
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