LOS ANGELES, CA, February 13, 2023 --(Investorideas.com newswire ) Breaking oil and gas stock news - Foothills
Exploration, Inc (OTC: FTXP), including its direct and indirect
subsidiaries, (“Foothills,” or the “Company”), an oil and gas exploration
company focused on delivering the energy needs of today and tomorrow, is
pleased to announce that it has acquired certain leases and wells located in
Comanche County, Oklahoma.
Read
this news, featuring FTXP in full at https://www.investorideas.com/news/2023/energy/02132FTXP-21-Well-Acquisition.asp
Oklahoma Oil and Gas Properties
On January 31, 2023, the Company closed
on the acquisition of twenty-one (21) shallow oil and gas wells, all located in
Comanche County, Oklahoma, situated across four leases. These stripper wells
have an average depth of 1,200 feet and primarily produce from the Granite Wash
formation.
The Company’s return-to-production
program on these properties will consist of cleaning out existing wellbores,
facility maintenance, electrical work and flowline repair work, which is
expected to deliver collective production rates of 20-25 barrels of oil per day
for all wells.
Return-to-production operations are
scheduled to begin immediately and each well is expected to return to
production systematically, with new production projected to begin coming online
sometime during the week of February 20th. Based on baseline projections and
$75 oil prices, the Company expects to generate approximate revenues of
$432,000 (after royalties but before field expenses) from these properties over
the next 12 months. WHZ Oil & Gas, LLC, an indirect subsidiary of the
Company will operate the properties.
The Company is currently evaluating
several additional oil-weighted properties in the area for potential bolt-on
acquisitions. The Company also executed two additional agreements for certain
asset acquisitions in Kansas and Oklahoma, which will significantly add to the
Company’s total well inventory and reserves.
Audit / Compliance Update
The Company’s accounting team and auditors,
RBSM, LLP, a PCAOB-registered accounting firm, continue to work through the
auditing process and are currently focused on completing audits and review of
financial statements up through the period ending December 31, 2022. Meanwhile,
the Company is up-to-date with all of its required financial alternative report
filings and is OTC Pink current. The Company expects to announce further
details on timing with forward guidance regarding recently-completed
synergistic asset acquisitions in the coming weeks.
About the Company
Foothills Exploration, Inc. (FTXP), is
an oil and gas exploration and development company focused on delivering the
energy needs of today and tomorrow. The Company’s strategy is to build a
balanced portfolio of assets through two core initiatives. The first initiative
is to generate high-impact oil and gas exploration projects. The second is to
invest in hydrogen and geothermal projects for a low carbon future through its
New Energy Ventures division by identifying areas where the Company can
contribute to a viable, realistic, and balanced future energy mix. 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. The Company intends that all forward-looking
statements be subject to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Investor Contact
Christopher Jarvis
EVP of Finance
(800) 204-5510
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