#Oil and #Gas News- FOOTHILLS EXPLORATION INC. (OTCQB: $FTXP) ANNOUNCES MOU TO ACQUIRE ~16,387 NET ACRES IN WYOMING’S WIND RIVER BASIN
LOS ANGELES, March 26, 2019 – Foothills
Exploration, Inc. (OTCQB:
FTXP) (the “Company,”
or “Foothills”), an independent oil and gas exploration company engaged in the
acquisition and development of oil and natural gas properties in the Rockies today
announced that it has executed a memorandum of understanding for the
acquisition of approximately 16,387 net acres of undeveloped oil and gas leases
in the Wind River Basin in Wyoming.
"We look forward to closing on our
second transaction this year, which following acquisition will complement our
existing portfolio," stated Kevin Sylla, Executive Chairman of
Foothills." “This intended acquisition
will add to our exploration inventory and provide us with prized high impact
drilling projects for the future. The
near-term focus is on the geological and geographical delineation of this large
continuous position.”
The Wind River Basin contains over 60
large oil and gas fields producing from 17 different geological formations. The
leases are located in Fremont County, Wyoming. The Paleozoic aged section is the primary
objective, and the Phosphoria, Tensleep, Madison and Flathead Formations of the
Paleozoic have yielded significant oil production in a number of regional
fields down dip to the west, updip to the south and along structural trends
farther to the west-northwest.
Foothills’ acreage is located in this
large undrilled area and is along the eastern flank of a deeper sub basin in
the Wind River Basin proper, where a deep structural deposit called the Beaver
Creek field has produced approximately 71.7 million barrels of oil and
906,473,338 MCF of gas. The Big Sand
Draw field, updip to the south, has produced some 60.8 million barrels of oil
and 214,923,203 MCF of gas from multi-pay horizons generally in the Frontier,
Muddy, Lakota, Morrison, Phosphoria, Tensleep and Madison formations.
We currently expect this transaction to
close on or about March 28, 2019, subject to the completion of the Company’s
due diligence.
About the Company
Foothills Exploration, Inc. is a growth
stage oil and gas exploration and production (E&P) company with a focus on 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 U.S. Rocky Mountain
region. For additional information
please visit the Company’s website at www.foothillspetro.com.
Forward-Looking Statements
This
release includes ''forward-looking statements'' within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements give our current
expectations, opinions, belief or forecasts of future events and performance. A statement identified by the use of
forward-looking words including ''will,'' ''may,'' ''expects,'' ''projects,''
''anticipates,'' ''plans,'' ''believes,'' ''estimate,'' ''should,'' “could,” “proposed”
and certain of the other foregoing statements may be deemed forward-looking
statements. These statements are subject
to risks and uncertainties and are based on the beliefs and assumptions of
management, and information currently available to management. Although
Foothills believes that the expectations reflected in such forward-looking
statements are reasonable, these statements involve risks and uncertainties
that may cause actual future activities and results to be materially different
from those suggested or described in this news release. 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. All
forward-looking statements should be evaluated with the understanding of their
inherent uncertainty. Factors that could
cause the Company's actual results to differ materially from those expressed or
implied by forward-looking statements include, but are not limited to: risks
inherent in natural gas and oil drilling and production activities, including
risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or
unexpected formation pressures, environmental hazards, and other operating and
production risks, which may temporarily or permanently reduce production or
cause initial production or test results not to be indicative of future well
performance or delay the timing of sales or completion of drilling operations;
delays in receipt of drilling permits; risks with respect to natural gas and
oil prices, a material decline which could cause Foothills to delay or suspend
planned drilling operations or reduce production levels; risks relating to the
availability, timing and cost of capital to fund drilling operations that can
be adversely affected by adverse drilling results, production declines and
declines in natural gas and oil prices; risks relating to unexpected adverse
developments in the status of properties; risks relating to the absence or
delay in receipt of government approvals or third party consents; the Company's
ability to identify, finance and integrate recent or future acquisitions; the
volatility of the Company's stock price; and other risks described in
Foothills' Annual Report on Form 10-K and other filings with the SEC, available
at the SEC's website at www.sec.gov. Investors
are cautioned that any forward-looking statements are not guarantees of future
performance and actual results or developments may differ materially from those
projected. The forward-looking
statements in this press release are made as of the date hereof. The Company takes no obligation to update or
correct its own forward-looking statements, except as required by law, or those
prepared by third parties that are not paid for by the Company.
Investor Contact
Christopher
Jarvis
(424)
901-6655
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