#Energy #Stock News: FOOTHILLS
EXPLORATION (OTCQB: $FTXP) ANNOUNCES
UINTA BASIN HORIZONTAL GAS WELL DRILLING SUCCESS
Successful
drilling, completion and flow testing of the Stagecoach 111-20H horizontal
well, now producing natural gas in commercial quantities
DENVER, CO - February
16, 2018 (Investorideas.com Newswire) – Foothills Exploration, Inc. (OTC.QB: FTXP) (the “Company,” “Foothills” or “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.
"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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