MIRAMAR BEACH, Fla.--(BUSINESS WIRE)--
Oil production reached 25-year highs in 2013, and with increased output
projected for this year, First Titan Corp. (OTCBB:FTTN) is in position
to see increased return on investment from the assets in its growing oil
and gas portfolio.
According to the Department of Energy, the U.S. is producing 8.11
million barrels of oil a day, well outpacing U.S. oil production in 2012
of 5.50 million barrels a day. The last time the U.S. saw this amount of
oil produced domestically was 1988.
Thanks in part to the discovery of shale oil, crude output is expected
to increase even more in 2014. The Energy Information Administration
(EIA) projects U.S. crude output to reach 9.6 million barrels per day
"As we continue scouting more possible acquisitions, it is clear this
sector will continue to be able to meet increased demand with supply,"
Interim CEO Robert Federowicz said. "First Titan (Corp.) is excited
about the crude projections for 2014 after a very successful 2013."
FTTN is an oil and gas energy company 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 Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy,
Inc. (NYSE: ESTE), Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution
Petroleum Corp. (NYSE: EPM).
For more information on FTTN's oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
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.
Source: First Titan Corporation