Following news that
the oil monopoly in Mexico has ended, First Titan Corp. has become active in
exploring the potential for acquisition options south of the border.
With the exception
of the Arctic Circle, Mexico is the largest unexplored crude area in North
America. Citigroup projects Mexico’s potential oil production could reach 5
million barrels a day. This data is especially pertinent on the heels of The
Mexico Congress recently passing a bill to end its 75-year state oil monopoly
in the country.
News of potential
new oil opportunities in Mexico is announced in a timely fashion with the
company’s ambitious plans to add additional acquisitions to its oil and gas
portfolio. The company currently possesses stateside assets in Texas, Oklahoma,
Louisiana, and Alabama.
“We have been
closely monitoring the situation in Mexico, and we believe the decision by
Mexico’s Congress to pass that bill is a win-win,” FTTN Interim CEO Robert
Federowicz said. “The foreign investment that will come with Mexico opening up
its oil fields will offer a significant boost to their economy, while also providing
forward-thinking, proactive companies such as First Titan Corp. an opportunity
to further broaden their asset bases. The Company is currently exploring
acquisition and joint venture opportunities in Mexico.”
FTTN is seeking
continued growth of a diversified oil and gas portfolio. It is building a
substantial collection of oil and gas properties and is dedicated to the
continuing development of energy assets throughout North America 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).
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.
For more information
about the company visit www.firsttitanenergy.com
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