First Titan Corp. continues its search for value-based oil and gas assets and one area that is drawing its interest is the Permian Basin of western Texas and eastern New Mexico. The company is compiling lists of potential acquisition prospects and this area, more than any other, holds the most promise during this era of low oil prices.
“The Permian Basin offers a lot of benefits other oil and gas plays simply don’t have,” said FTTN Sydney Jim. “As a developed area, there’s plenty of existing infrastructure to support production. This lowers costs and that’s crucial in this environment. Also, this is one of the most-prolific onshore basins in the country. It’s reliable and not going anywhere. So these factors make it an attractive target for our ongoing asset acquisition search. But we’re still looking at other areas, like the Bakken, Barnett, Eagle Ford and Cline shales, of course. We want to make sure we conduct a thorough due diligence.”
FTTN expects a wave of consolidation to soon start rolling across the oil and gas industry, unleashing a torrent of assets the company can acquire at value prices unimaginable in other economic climates. FTTN intends to take advantage of a rare buying opportunity while overextended companies slash their capital budgets to ride out the downturn.
FTTN is building a competitive portfolio of oil and gas properties alongside companies such as Lucas Energy, Inc. (LEI), Earthstone Energy, Inc. (ESTE), Fieldpoint Petroleum Corp. (FPP) and Evolution Petroleum Corp. (EPM).
Source: First Titan Corp.
Date: Feb 18, 2016