First Titan Corp. today entered into a letter of intent with San Antonio-based Big Canyon, LLC, to form a joint venture for oil and gas exploration, development and drilling in North America.
'We plan to begin the evaluation of oil and gas prospects immediately'.
'Big Canyon, LLC, is a successful oil and gas development firm with the expertise in North American resources that we need to achieve our goals in this region,' said FTTN CEO Robert Federowicz. 'We believe they'll be a big help to us in targeting and developing properties with the highest drilling potential.
'We plan to begin the evaluation of oil and gas prospects immediately,' he added.
According to the letter of intent, First Titan and Big Canyon each have 30 days to conduct a due diligence review of present and future oil and gas opportunities.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chevron Corp., Exxon Mobil Corp., ConocoPhillips and SandRidge Energy Inc.
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