First Titan Corp. (OTCBB: FTTN) is in negotiations to invest in BioFuels Power Corp. (OTCBB: BFLS) to further its gas-to-liquids project in the $5.29 billion GTL market.
The GTL process takes advantage of the current low cost of natural gas and abundant supplies produced from unconventional shale resources and enhances the opportunity to profitably convert natural gas to higher value liquid fuels.
According to a recent report by Forbes, Shell has an almost $20 billion project in Qatar to exploit inexpensive natural gas, and Sasol is investing between $16-$21 billion to create a facility for conversion of natural gas to diesel fuel.
On a smaller scale, companies are looking to create GTL opportunities where gas byproduct from oil production is far removed from pipelines and thus flared, and from smaller gas fields where scale has been a limiting factor.
FTTN, an oil and gas energy company seeking continued growth of a diversified oil and gas portfolio, has identified an industry-accomplished company that possesses the technology to increase the financial returns of natural gas resource holdings.
FTTN is contemplating a direct investment in BioFuels Power Corp., which would allow FTTN access to industry-leading technology that could significantly impact the value of FTTN’s natural gas holdings. FTTN would look to the new technology to open new avenues for investment. The World Bank estimates that over 150 billion cubic meters of natural gas are flared or vented annually, an amount worth approximately $30.6 billion dollars, or equivalent to 25 percent of U.S. gas consumption per year, which represents a potentially lucrative opportunity for FTTN.
First Titan Corp. is building a substantial collection of oil and natural gas properties and is dedicated to the continuing development of energy assets throughout North America alongside companies such as Continental Resources, Inc. (NYSE: CLR), Chesapeake Energy Corp. (NYSE: CHK), SandRidge Energy Inc. (NYSE: SD) and Ultra Petroleum Corp. (NYSE: UPL).
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html.
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.
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