With Mexico Now Importing U.S. Oil, FTTN Sees Chance to Make Big Impact in New Arena
data indicates that the U.S. has now become a net exporter of oil to
petroleum-rich Mexico for the first time in 20 years, an oddity First
Titan Corp. (OTCBB: FTTN) believes represents a way to get into a
potentially lucrative market at the most opportune time.
While the exported amount was small due to U.S.
restrictions on sending oil overseas, the strange situation of a
nation awash in oil importing it suggests the
Mexican energy industry needs outside help. This could be why the
Latin American nation is hosting lease auctions open to international
“We believe this data and the lease auctions clearly show there are
great opportunities in Mexico for companies like FTTN to gain a strong
market foothold,” said CEO Sydney Jim. “We’re definitely interested in
entering that arena and we will continue our
efforts to identify potential partners to join us in future lease
bids. The Mexican
energy sector is looking for help to develop its resources.
Companies willing to take a chance could see a big payoff when that
market reaches its so far untapped potential. We want to be a player in
that game when it happens.”
Mexico saw much better results from its recently
concluded second international auction. The government awarded
three of five blocks up for bid in the September 30 round of
bidding. An Italian oil company won one block while the other two were
awarded to consortiums
of smaller companies of the type FTTN is seeking to form.
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
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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/20151015005006/en/
Copyright Business Wire 2015
Source: Business Wire
(October 15, 2015 - 5:00 AM EDT)
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