Iran oil spike emboldens FTTN's U.S. drilling plans

Source: First Titan Corp.

A new surge in oil prices today after an Iranian military official issued a warning to the U.S. served to further embolden the domestic oil and gas drilling efforts by First Titan Corp. (OTCBB: FTTN.OB) and others.

Gen. Ataollah Salehi, Iran's army chief, warned an American aircraft carrier not to return to the Persian Gulf this morning. The tough talk is the latest drama in Iran’s feud with the U.S. over new sanctions that have sparked rising oil prices. After the threat was issued, oil prices jumped nearly 3 percent today before easing to $101.07 a barrel, up 2.3 percent.

This political flap is a prime example of why oil companies large and small are increasingly seeking new supplies in stable, developed nations like the U.S., said FTTN CEO Robert Federowicz.

“The more crude that’s produced in the U.S., the less likely it is that Middle Eastern politics can trigger these supply fears that drive up oil prices,” he said. “There is far less risk in producing oil in the U.S. than in geopolitical hotspots like the Middle East, Venezuela and Russia.”

Political tensions, especially in the Middle East, could continue to increase the profitability of U.S. drilling by keeping oil prices trending upward. Many analysts say that crude oil will rise for the fourth year in a row to a new record average price in 2012.

“Global demand for hydrocarbons continues to grow,” Federowicz said. “First Titan is working diligently to help meet that demand with resources produced here in the U.S. There has never been a better time to expand into the oil and gas industry.”

First Titan is working to develop new energy solutions to compete in a booming global industry alongside 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 unconventional resources initiative, please visit

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