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Wednesday, February 26, 2014 8:37:38 AM
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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