First Titan Corp. (OTCBB: FTTN) is working hard to expand its portfolio of Texas oil and gas assets as the state’s oil boom shows no signs of slowing down. Texas’ oil production rose more than 30 percent over the past year to 1.4 million barrels a day in January, according to recent statistics from the Texas Railroad Commission.
Increasing global demand for oil, as well as innovations in drilling technology, have turned the state’s once-sluggish oil industry into a booming success. Last year, oil production in Texas topped 546 million barrels, an increase of almost 60 percent since 2007.
FTTN is determined to capitalize on the Texas oil industry’s big growth. The company is currently in negotiations to acquire a working interest in approximately 1,000 acres in Hardin County that include producing assets with development upside. FTTN believes that the property could potentially make a profitable addition to its Texas portfolio, which currently includes assets in Terrell County.
The company is also working to facilitate oil and gas production in Oklahoma and Louisiana as part of an aggressive growth strategy for 2013. FTTN hopes to announce many new acquisitions in the coming months.
FTTN is a fast-growing oil and gas company dedicated to continuing development of energy assets throughout the country, alongside companies such as Continental Resources, Inc. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
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.
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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.