With a significant presence already in place in Texas, First Titan Corp., an oil and natural gas exploration and development company, is exploring an opportunity of adding another asset in Texas to its holdings. The company is evaluating a 1,000-acre patch of gas wells in Willacy County in Texas for shallow gas production viability and profit potential.
There are indications the site may hold promise for shallow gas production. What makes it attractive is that the costs to initiate site development would be minimal. If the First Titan Corp.'s site prediction for oil production proves to be accurate, the company says the site would hold potential for generating strong financial returns, especially when one considers the low entry costs.
"We were introduced to this area as a result of a relationship with an experienced, private operator," FTTN interim CEO Robert Federowicz said. "We are excited about the play's moderate entry cost and high return potential. As an added bonus, we are evaluating how our recent expansion into the gas-to-liquids technology space may help further enhance the financial returns of our natural gas holdings and acquisition targets."
First Titan Corp. already has asset holdings in Louisiana, Texas, Oklahoma, and Alabama. The company notes that just last year the 50 largest U.S.-based oil and gas companies spent $185 billion on domestic exploration and development, an increase of 20% from the previous year. Recent industry reports in May note that Texas alone accounts for a little over 27% of domestic production. Other industry estimates say the United States will overtake Saudi Arabia as the world's largest oil producer by 2017. The United States is currently the fastest growing oil and natural gas producer globally.
Through its wholly owned subsidiary, First Titan, LLC, First Titan Corp. is aggressively looking for oil and natural gas exploration and development opportunities around the globe. For fullest operational effectiveness the company looks to partner with companies that use leading-edge oil and natural gas extraction methods and technologies, including ones that are environmentally efficient, new, or unconventional.
For more information, visit FirstTitanEnergy.com
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