FIRT TITA : Iran Oil Spike Emboldens FTTN's U.S. Drilling Plans
01/03/2012| 11:45am US/Eastern
A new surge in oil prices today after an Iranian military official
issued a warning to the U.S. served to further embolden the domestic oil
and gas drilling efforts by First Titan Corp. (OTCBB: FTTN) and others.
Gen. Ataollah Salehi, Iran's army chief, warned an American aircraft
carrier not to return to the Persian Gulf this morning. The tough talk
is the latest drama in Iran's feud with the U.S. over new sanctions that
have sparked rising oil prices. After the threat was issued, oil prices
jumped nearly 3 percent today before easing to $101.07 a barrel, up 2.3
This political flap is a prime example of why oil companies large and
small are increasingly seeking new supplies in stable, developed nations
like the U.S., said FTTN CEO Robert Federowicz.
"The more crude that's produced in the U.S., the less likely it is that
Middle Eastern politics can trigger these supply fears that drive up oil
prices," he said. "There is far less risk in producing oil in the U.S.
than in geopolitical hotspots like the Middle East, Venezuela and
Political tensions, especially in the Middle East, could continue to
increase the profitability of U.S. drilling by keeping oil prices
trending upward. Many analysts say that crude oil will rise for the
fourth year in a row to a new record average price in 2012.
"Global demand for hydrocarbons continues to grow," Federowicz said.
"First Titan is working diligently to help meet that demand with
resources produced here in the U.S. There has never been a better time
to expand into the oil and gas industry."
First Titan is working to develop new energy solutions to compete in a
booming global industry alongside Continental Resources, Inc. (NYSE:
CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc.
(NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).
For more information on FTTN's unconventional resources initiative,
please visit www.firsttitanenergy.com/investors.
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.
For more information about First Titan Energy, please visit www.firsttitanenergy.com.
Follow us on Twitter at www.twitter.com/firsttitancorp.
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
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included herein for events occurring after the date hereof.
First Titan Corporation
Robert Federowicz, 941-753-4889
© Business Wire 2012