December 28, 2011 05:00 AM Eastern Time
Rising Oil Prices Paint Rosy Outlook for FTTN in 2012
BRADENTON, Fla.--(BUSINESS WIRE)--With global oil prices on the rise, emerging oil and gas developer First Titan Corp. (OTCBB:FTTN) anticipates a prosperous year ahead in 2012.
“Global GDP and energy demand are growing fast, and oil prices are on track to average over $100 a barrel in 2012. These are ideal conditions for us to expand into the oil and gas industry.”
Many analysts say that crude oil will rise for the fourth year in a row to a new record average price in 2012. Based on the median of 27 analyst estimates compiled by Bloomberg, West Texas Intermediate oil on the New York Mercantile Exchange will reach an average of $100 a barrel in 2012, topping the all-time high of $99.75 set in 2008.
Evidence that stimulus measures are reviving the U.S. economy while countries such as India and Brazil keep expanding is raising the outlook for oil consumption next year. Global demand will climb 1.4 percent, with China accounting for more than a 10th of the amount used, according to the International Energy Agency.
"The global oil market is very tight," said FTTN CEO Robert Federowicz. "Global GDP and energy demand are growing fast, and oil prices are on track to average over $100 a barrel in 2012. These are ideal conditions for us to expand into the oil and gas industry."
First Titan signed new agreements this month to identify and acquire oil and gas leases and exploratory wells in Texas, Louisiana and Oklahoma. The company is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK - News), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
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.