Oil
and Gas Stock News: Foothills Exploration (OTC.QB: $FTXP) Reports on Uinta
Basin Horizontal Gas Well Drilling
Successful drilling, completion and flow testing of the
Stagecoach 111-20H horizontal well; Stagecoach well operated by EOG Resources, Inc.
(NYSE: $EOG)
DENVER - February 20, 2018 (Investorideas.com Newswire) Foothills Exploration, Inc. (OTC.QB: FTXP) , an independent oil and gas exploration company engaged in the
acquisition and development of oil and gas properties in the Rockies, reported
today the successful drilling, completion and flow testing of the Stagecoach
111-20H horizontal well, now producing natural gas in commercial quantities.
The Stagecoach 111-20H well is operated by EOG
Resources, Inc. (NYSE: EOG) and Foothills owns 21% Working Interest in
the well. The well has been online for over 30 days and production tubing is
expected to be set in the near term. The well has been classified by the
operator as Confidential with the State of Utah Division of Oil, Gas and
Mining, and consequently only limited data can be provided.
Read
this news in full at http://www.investorideas.com/news/2018/energy/02201FoothillsExploration.asp
"We are
excited about the Stagecoach drilling results.
This successful horizontal well will quickly generate production and
cash flow, which is expected to payout within 30 months,” stated Kevin Sylla,
the Company’s Executive Chairman.
“Foothills will continue to look for additional non-operated positions
and drilling interests with other world-class operators to complement our
continuing focus of acquiring producing oil and gas properties in the Rockies,”
continued Sylla.
“In addition to
diversifying the Company’s oil and gas assets, we believe natural gas market
fundamentals have improved materially over the last 12-months, driven by record
exports to Mexico and foreign sales of LNG, coupled with a strong heating
season that has storage levels well below the 5-year average,” stated Chris
Jarvis, the Company’s Executive Vice President of Finance. “These conditions bode well for natural gas
prices to remain firm over the near-term and throughout the rest of 2018,”
continued Jarvis.
About the Company
Foothills Exploration, Inc. (FTXP),
based in Denver, Colorado, is a growth stage oil and gas exploration and
production (E&P) company with a focus in the acquisition and development of
undervalued and underdeveloped properties in the Rockies. The Company’s principal assets are located
across well-established plays in the Rocky Mountain region. For additional information please visit the
Company’s website at www.foothillspetro.com.
Forward-Looking Statements
All statements, other than statements
of historical facts, included in this release that address activities, events
or developments that we expect, believe or anticipate will or may occur in the
future are forward-looking statements.
These statements are based on certain assumptions we made based on
management's experience, perception of historical trends and technical
analyses, current conditions, capital plans, drilling plans, production
expectations, our ability to raise adequate additional capital, or enter into
other financing arrangements to support our acquisition, development and
drilling activities, anticipated future developments, and other factors
believed to be appropriate and reasonable by management. When used in this release, words such as
"will," “possible,” "potential," "believe,"
"estimate," "intend," "expect," "may,"
"should," "anticipate," "could,"
"plan," "predict," "project,"
"profile," "model," "strategy,"
"future" or their negatives or the statements that include these
words or other words that convey the uncertainty of future events or outcomes,
are intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. In particular, statements, express or
implied, concerning our future operating results and returns or our ability to
acquire or develop proven or probable reserves, our ability to replace or
increase reserves, increase production, or generate income or cash flows are
forward-looking statements.
Forward-looking statements are not
guarantees of performance. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond our control.
While forward-looking statements are based on assumptions and analyses made by
us that we believe to be reasonable under the circumstances, whether actual
results and developments will meet our expectations and predictions depend on a
number of risks and uncertainties which could cause our actual results,
performance, and financial condition to differ materially from our
expectations. As a result, no assurance can be given that these assumptions are
accurate or that any of these expectations will be achieved (in full or at all)
or will prove to have been correct. We
have had sporadic and limited revenue and our securities are subject to
considerable risk. Investors are
cautioned to review FTXP’s filings with the Securities and Exchange Commission
for a discussion of risk and other factors that affect our business. Any forward-looking statement made by us in
this news release speaks only as of the date on which it is made. Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible for us
to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether as a
result of new information, future development or otherwise, except as may be
required by law.
Investor Contact
Christopher
Jarvis
(720)
449-7478
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