First Titan Corp. (OTCBB:FTTN) anticipates that rising oil prices in 2012 could boost the outlook for the U.S. oil and gas leases and exploratory wells that the company is targeting for development.
Despite a volatile 2011, oil demand proved resilient. Many analysts expect global demand to remain steady in 2012, and then escalate drastically for the foreseeable future. Due in part to the potential for political upheaval in major oil-producing nations, oil prices have surged about 30 percent since dipping below $80 a barrel in early October. Many energy forecasters say oil prices will reach $150 per barrel by mid-summer next year.
“A steady increase in oil demand from the transportation sector in emerging economies is set to push oil prices to $150 per barrel in 2012,” said FTTN CEO Robert Federowicz. “That’s good news for First Titan as we work to acquire new oil and gas leases in the U.S. and begin production.”
Earlier this week, FTTN signed a letter of intent with San Antonio-based Big Canyon, LLC, to form a joint venture for oil and gas exploration, development and drilling in North America. The joint venture’s first target will be an oil and gas lease in Terrell County, Texas, directly adjacent to a property where SandRidge Energy Inc. (NYSE: SD) recently discovered a large quantity of oil.
“We’re very optimistic about this property’s oil production potential,” Federowicz said. “With oil prices forecast to rise significantly in the new year, we anticipate that this will be a very lucrative project for our joint venture.”
The International Energy Agency (IEA) projects oil prices of $212 a barrel by 2035. Rising demand, coupled with advances in drilling techniques and technology, have created a boom in domestic oil exploration. First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chevron Corp. (NYSE: CVX), Royal Dutch Shell (NYSE: RDS.V), 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 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.
Robert Federowicz, 941-753-4889
President and CEO
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