MIRAMAR BEACH, Fla.
BUSINESS WIRE
February 26, 2014
With news that the long-time oil monopoly in Mexico has ended, First Titan Corp. (OTCBB: FTTN) is currently exploring the potential for acquisition options south of the border.
The Mexico Congress recently passed a bill to end a 75-year state oil monopoly in the country. 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.
News of potential new oil plays in Mexico falls in line with FTTN'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).
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