FTTN Signs Option for North Texas Oil Field Lease, Looks to Expand Acquisition Strategy

First Titan Corp. has inked an oil, gas and minerals option with Mustang Loan Co. for one of Mustang’s properties near Abilene, TX. The move is part of FTTN’s continuing strategic efforts to acquire leases at discounts from companies hard hit by the ongoing oil price downturn.

The field is on the westernmost edge of the Barnett Shale, the third most prolific shale oil producing region in Texas. However, some analysts have previously speculated the area may actually have the largest producible reserves of any onshore oil and gas field in the continental United States.

“The market is opening up and several exciting opportunities are coming into focus,” said FTTN CEO Sydney Jim. “This acreage is located in a well-known, prolific play. We expect to find additional properties in the area and want to package them together as part of a larger plan to begin exploration as the price of oil recovers. We will also continue due diligence into other possible acquisitions, notably in the Cline Shale region in west Texas, and in the Bakken Shale in the north central U.S.”

FTTN’s deal comes as hints continue to surface about a potential oil price recovery in the near future. An increasing number of industry watchers are forecasting crude prices will shortly start to rise – ranging from a low of $80 a barrel in 2016, a medium of $100 a barrel in the near term, to as high as $130 by 2017.