First Titan Corp. reported that its joint venture with Big Canyon, LLC, plans to target oil and gas leases and exploratory wells for acquisition in the historically-rich drilling grounds of Texas, Oklahoma and Louisiana.

“These three states have a long history of oil and gas production, and as the U.S. transitions into a net exporter of hydrocarbons, it will be Texas, Oklahoma and Louisiana that lead the way,” said FTTN CEO Robert Federowicz. “We’re specifically targeting leases in this tri-state region that are directly adjacent to properties where new oil and gas discoveries have already been made. This strategy will help us narrow down our prospects to only the most promising with a minimum of exploration time and expense.”

FTTN announced on Monday that it signed a letter of intent to form a joint venture with Big Canyon for oil and gas exploration, development and drilling in North America. The companies have 30 days to complete due diligence review of potential oil and gas opportunities before settling on their first lease.

“Big Canyon brings a great deal of experience in this region to the table in our joint venture,” Federowicz said. “They have brought several potential leases in Texas, Louisiana and Oklahoma to our attention that we believe could be very lucrative. We look forward to announcing the site of our first exploratory well very soon.”

Tags: First Titan Energy