FTTN Considering Push into Enhanced Oil Recovery Business
By Business Wire News
By Business Wire News
First Titan Corp. (OTCBB: FTTN) is seriously examining the possibility of getting into the enhanced oil recovery (EOR) business and is currently conducting due diligence into future market conditions, the state of the competition and potential upcoming technology advances.
“We’re looking at a wide range of scenarios,” said FTTN CEO Sydney Jim. “We’re very early in the process, but from what we’ve seen thus far, such a move would be one potential way to diversify the company, secure another revenue stream and ultimately build shareholder value. We’re open to all these possibilities and carefully considering all options.”
EOR is a method for increasing the amount of crude oil that can be extracted from an existing field. Sometimes it is called “tertiary recovery,” as it follows primary and secondary extraction methods. There are currently three means used to enhance recovery at an oil field: chemical injection, thermal injection and gas injection (usually using carbon dioxide, or CO2).
EOR can result in up to 60 percent extraction of a field’s available oil – far higher than primary or secondary recovery methods. Analysts estimate enhanced oil recovery can extend an existing oil field’s production life by up to 25 years.
“This is an industry that looks like it’s about to take off,” Mr. Jim said. “If it does, we want to be in a strong position to take advantage of that.”
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
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.
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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.
First Titan Corporation
Sydney Jim, 702-448-8148
President and CEO