FTTN Signs Option to Acquire Experienced Oil & Gas Exploration Company
First Titan Corp. (OTCBB: FTTN) could be on the verge of acquiring a valuable new ally in its quest to explore and develop oil and gas resources in the U.S. Today, the company signed an option agreement to acquire Bedford Operating Co., the operating subsidiary of Bedford Energy, Inc., an exploration and production company that operates five wells in Texas and Oklahoma.
Founded in 1999, Bedford Energy is dedicated to the exploration, development and production of oil and gas in the Midwest and Gulf Coast regions of the U.S. The company has operations over 160 acres in Warren Field in Hughes County, Okla.; 800 acres in Logan County, Okla., and 190 acres in Janssen Field in Karnes County, Texas. Bedford’s proven oil reserves exceed 500,000 barrels.
FTTN is weighing the acquisition of not only these physical assets, but Bedford Energy’s invaluable experience and contacts in the oil and gas exploration business—including the expertise of the company’s co-founder, renowned oilman Carl Swan. According to the option agreement, FTTN has 60 days to perform due diligence toward a possible purchase agreement with Bedford.
Bedford Energy is one of several potentially lucrative new partnerships, joint venture candidates and possible acquisitions that FTTN is targeting to increase the company’s developing foothold in the energy industry. For more information on FTTN’s drilling initiative, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
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.
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 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.
Robert Federowicz, 941-753-4889
President and CEO
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