FTTN announces U.S. oil production expected to continue increasing
Thursday, Jan 09, 2014
09 January 2014,
Oil production reached 25-year highs in 2013, and with increased output projected for this year, First Titan Corp. (OTCBB: FTTN) is in position to see increased return on investment from the assets in its growing oil and gas portfolio.
“As we continue scouting more possible acquisitions, it is clear this sector will continue to be able to meet increased demand with supply”
According to the Department of Energy, the U.S. is producing 8.11 million barrels of oil a day, well outpacing U.S. oil production in 2012 of 5.50 million barrels a day. The last time the U.S. saw this amount of oil produced domestically was 1988.
Thanks in part to the discovery of shale oil, crude output is expected to increase even more in 2014. The Energy Information Administration (EIA) projects U.S. crude output to reach 9.6 million barrels per day this year.
“As we continue scouting more possible acquisitions, it is clear this sector will continue to be able to meet increased demand with supply,” Interim CEO Robert Federowicz said. “First Titan (Corp.) is excited about the crude projections for 2014 after a very successful 2013.”
FTTN is an oil and gas energy company seeking continued growth of a diversified oil and gas portfolio. It is building a substantial collection of oil and gas properties and is dedicated to the continuing development of energy assets throughout North America alongside companies such as Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NYSE: ESTE), Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution Petroleum Corp. (NYSE: EPM).