In Oil & Companies News 26/02/2016
Despite falling crude prices, American investors have not lost hope in energy, a sentiment companies across the sector, including First Titan Corp. (OTCQB: FTTN), plan to tap into as they collectively seek to raise a combined $4.6 billion in equity this quarter.
That impressive total represents nearly 30 percent of all U.S. equity to be raised in that time period, placing energy ahead of all other industries, except healthcare.
However, that $4.6 billion figure may go much higher before long. Because several early equity deals have proven successful, more companies may jump into the fray, potentially pushing the final quarterly total to $11 billion, second in size only to the record first quarter 2015.
“To paraphrase Mark Twain, reports of the death of the oil and gas business are quite premature,” said FTTN CEO Sydney Jim. “This data shows energy companies are still willing to spend and that investors maintain a positive attitude towards the industry and its future, despite the current price of crude and all the doom and gloom put forth in the media. FTTN has never lost faith in the future and our aggressive business plan of smart, value-based acquisitions and taking advantage of distressed and emerging markets ought to be an appealing story for investors seeking a good place for strong returns in an inevitable recovery.”
FTTN is building a competitive portfolio of oil and gas properties alongside companies such as Lucas Energy, Inc. (LEI), Earthstone Energy, Inc. (ESTE), Fieldpoint Petroleum Corp. (FPP) and Evolution Petroleum Corp. (EPM).
