Citing optimum buying conditions, First Titan Corp. has inked a letter of intent (LOI) to obtain mineral rights for an oil field in the West Texas Cline Shale region. FTTN will now conduct due diligence of the field and its future production prospects, with an eye towards adding it to its growing portfolio.
“This is another step forward in our continuing efforts to build revenue streams and increase value for our shareholders,” said FTTN CEO Sydney Jim. “We’ve been quite aggressive in recent months in identifying potential oil & gas acquisitions, and the market conditions are now favorable. This is the first of what could be several LOIs to come as our far-reaching plan starts to come into focus. FTTN has developed a strategy we believe will enable us to prosper and grow even in what some may consider a tough time for the industry. This potential acquisition, if completed, would be the start of that long-range strategy being fully implemented.”
The Cline Shale region is located to the north/northeast of Midland, TX, and is part of the larger, prolific Permian Basin formation, long the center of onshore petroleum exploration and production in the state.
FTTN has devoted considerable research and effort to identify promising production acquisition targets. Earlier this year, the company scouted the Offshore Technology Conference, the world’s largest oil & gas convention and exposition, making valuable contacts and gaining key information to plan its coming moves.
FTTN is also currently pursuing opportunities in Mexico and in enhanced oil recovery.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/exploration/21102015/fttn-signs-loi-to-acquire-west-texas-field-mineral-rights-1641/