First Titan announces Texas oil and gas acquisitionsMay 23, 2013
A. Lee Graham
First Titan Corp. is close to acquiring a working interest in about 1,000 acres in Hardin County near Beaumont in East Texas that include petroleum-producing assets.
According to the Bradenton, Fla.-based company, the property could make a profitable addition to its Texas portfolio, which currently includes assets in Terrell County.
“FTTN (First Titan) has plans to capitalize on the incredible growth in Texas oil production as increasing global demand for oil as well as innovations in drilling technology have turned the state’s once-sluggish oil industry into a booming success,” reads part of a company news release.
The company pointed to a recent report in the Wall Street Journal chronicling Texas’ strong energy production growth model, which is outperforming states such as California by a wide margin.
Texas has doubled its oil output since 2005 to pump out nearly two million barrels a day this year, almost 30 percent of total U.S. production.
“That huge number means that Texas is now producing as much oil as the four next-largest producing states combined,” First Titan said. According to Texas Railroad Commissioner Barry Smitherman, who also serves as oil commissioner, the state’s “total (oil) production could double by 2016 and triple by the early 2020s.”
First Titan Corp., through its wholly owned subsidiary, First Titan Energy LLC, develops oil and natural gas resources worldwide. More information is available at www.firsttitanenergy.com.