First Titan Corp. (OTC: FTTN) said Dec. 3 it has inked an oil, gas and minerals option with Mustang Loan Co. for a property on the edge of the Barnett Shale.

The terms of the transaction weren't disclosed.

First Titan's acquisition of the field, which is located near Abilene, Texas, is part of the company's strategy to acquire leases at discounts during the ongoing oil price downturn, the release said.

The Las Vegas-based company expects to find additional properties in the area, said Sydney Jim, First Titan CEO. The company plans to package them together to begin exploration as the oil price recovers, he added.

"We will also continue due diligence into other possible acquisitions, notably in the Cline Shale region in West Texas, and in the Bakken Shale in the north central U.S.," he said in a statement.