First Titan Energy, LLC (OTCBB:FTTN) announced today that its latest target for acquisition, RenGen LLC, received a new proposal to study the extraction efficiency of oil sand using its biodegradable solvent, OGT.
The proposal was submitted by the San Antonio-based Southwest Research Institute. OGT utilizes a powerful oleochemical solvent engineered to significantly lower both the costs and environmental impact associated with oil sands extraction as well as potential uses in oil and gas fracking. The proposed study would study the extraction process beginning with a ratio of 1:1000 parts OGT to oil sand and working upwards in order to find the optimum solvent ratio. The extraction process would then be repeated using a Baker Hughes solvent to benchmark the OGT solvent.
“This proposal could demonstrate the potential of OGT to revolutionize the oil sands extraction process, thereby increasing RegGen’s value,” said FTTN CEO Robert Federowicz. “The potential for this solvent would yield a more innovative, environmentally friendly solvent to service the growing demand for energy and hydrocarbon extraction. We think demand for OGT could be unprecedented once it’s ready for market. We’re working hard to complete our purchase of RenGen in order to set our marketing skills and global distribution network to the task of turning a profit with this solvent.”
FTTN signed a letter of intent to purchase RenGen earlier this month. With nearly 800 billion barrels of recoverable tar-sand oil in the Western Hemisphere and massive shale gas deposits discovered in Europe, Asia and the Americas, there is a global rush to develop new, unconventional resources to meet the growing demand for fuel and electricity.
FTTN is also accepting proposals other research facilities, including national labs, to explore and develop new uses and possibilities for OGT and other oil and gas servicing products, Federowicz said.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chevron Corp. (NYSE:CVX), Marathon Oil Corp. (NYSE:MRO), Exxon Mobil Corp. (NYSE:XOM) and TOTAL S.A. (NYSE:TOT).
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the future utilization of efficient and eco-friendly methods of extracting natural gas, a cleaner and more affordable energy alternative. The company continually seeks to partner with energy developers around the world that are pursuing innovative new methods of gas extraction, including the development of cleaner chemicals and methods for use in hydraulic fracturing.
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.
Robert Federowicz, 941-753-4889
President and CEO
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