BEAUMONT, HARDIN COUNTY - First Titan Corp., based in Bradenton, Fla., expanded its oil and gas interests in Texas with the acquisition of a working interest in 1,000 acres in Hardin County near Beaumont.
Now it has made an offer to acquire more than 100,000 barrels worth of proven resources in the Eagle Ford Shale.
The company’s Texas portfolio currently includes assets in Terrell County in far west Texas.
First Titan Corp. announced plans for a more aggressive acquisition strategy in response to recent reports of Texas' accelerating pace of oil production. The company says it expects to announce many new additions to its asset portfolio in the coming months.
The Wall Street Journal recently reported that total oil production in Texas could double by 2016 and triple by the 2020s. Texas has doubled its oil output since 2005 to nearly 2 million barrels a day this year, almost 30 percent of the total U.S. production.
Read more at the San Antonio Business Journal and the San Antonio Business Journal.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.