FTTN: Mexico Sweetens Tax Terms to Entice Energy Development
26 March 2015 - 8:00PM
Business Wire
As First Titan Corp. (OTCBB:FTTN) targets undervalued energy
assets across North America for acquisition and development, Mexico
is sweetening its tax terms to help attract energy companies south
of the border. The Financial Times reported this month that the
country is holding its first competitive tender for contracts to
explore and develop its hydrocarbons.
Mexico put its nationalized oil fields up for bid to private
companies for the first time in 75 years in 2015. With oil prices
lingering at depressed levels, the country is working hard to woo
foreign oil and gas investors to develop its considerable
unconventional reserves. Favorable tax adjustment mechanisms and
other possible enticements from the government could spell big
opportunity for First Titan Corp.
“The Mexican government appears willing to do whatever it takes
to put the country back on a path to rising oil output,” said FTTN
CEO Sydney Jim. “Market forces are colliding to produce bargain
rates on Mexican assets. We’re constantly scouting new
opportunities there right now, ready to pounce.”
FTTN owns a portfolio of oil and gas assets in the southern
U.S., and the same unconventional assets now being developed in
West Texas continue on beyond the Rio Grande. The company has plans
to capitalize on low oil prices by adding promising new wells in
Mexico to its collection.
FTTN is building a competitive portfolio of oil and gas
properties and remains dedicated to the continued development of
energy assets throughout North America alongside companies such as
Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NASDAQ:
ESTE), Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution
Petroleum Corp. (NYSE: EPM).
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.
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.
First Titan CorporationSydney Jim, 850-269-7267President
and CEOinfo@firsttitanenergy.com