#Oil and #Gas #Stock news - FOOTHILLS EXPLORATION INC. (OTC:
$FTXP), PROVIDES Q1 2021 UPDATE AND CORPORATE STRATEGIC OBJECTIVES;
@Foothills_FTXP Investor Summit Conference March 23-25
LOS ANGELES, March 22, 2021 (Investorideas.com newswire and Oilandgasstocknews.com) Breaking oil and gas stock news – Foothills Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries, ("Foothills," or the "Company"), an independent oil and gas exploration company engaged in the acquisition and development of natural gas and oil properties today released an update on the Company’s compliance and financial filings status as well as balance sheet initiatives for the remainder of calendar year 2021.
The Company’s main focus is becoming
OTC compliant, and creating a successful path towards building a natural gas
exploration company participating in the global energy transition.
Read this news, featuring FTXP in full
at https://www.investorideas.com/news/2021/energy/03221OTC-FTXP.asp
Compliance & Financial Filings:
The Company is working to become
current on the OTC Pink Sheets in the coming months in compliance with
Securities and Exchange Commission (SEC) Rule 15c2-12 promulgated under Section
15(c) (2) of the Securities Exchange Act of 1934, which contains disclosure and
continuing disclosure requirements applicable to the Company’s securities and requiring that such disclosures be made by June 30,
2021.
Balance Sheet Initiatives:
For the remainder of 2021, Foothill’s
strategy is to settle and eliminate the Company’s outstanding variable rate
convertible debt to clean up its balance sheet and better position the Company
for future growth.
To that end, the Company has reached
settlement and mutual release agreements with both Power Up Lending Group, Ltd.
(“PowerUp”) and FirstFire Global Opportunities Fund, LLC, (“Firstfire”) to
retire the variable rate convertible loans issued to both lenders.
On March 19, 2021 the Company made a
satisfactory payment to settle and retire two convertible notes issued to
PowerUp: (a) 12% convertible note dated June 17, 2019, in the principal amount
of $113,000 and (b) 12% convertible note dated July 17, 2019, in the principal
amount of $78,000.
The Company also reached a settlement
and mutual release agreement with Firstfire to retire its senior secured 10%
convertible promissory note in the principal amount of $705,882.35, issued on
March 4, 2019 and made the first of six installment payments towards that
settlement agreement. The Company made the initial payment under the terms of
the settlement agreement on March 19, 2021 with the final installment payment
due on October 5, 2021, after which time all sums due to Firstfire pursuant to
its senior secured convertible note and associated security instruments will be
thereafter extinguished and terminated.
Foothills expects these note
settlements and debt payments to have a significantly positive impact on the
Company's balance sheet and help minimize shareholder dilution risk moving
forward. The Company is also working with its other variable rate convertible
lenders to reach similar settlement and release agreements enabling Foothills
to further minimize future shareholder dilution risk.
“We are grateful to PowerUp and
Firstfire for working with us to reach a mutual agreement that enables the
Company to settle and retire a large portion of its variable rate convertible
debt,” said Christopher Jarvis, the Company’s Executive Vice President of Finance.
“We believe that our remaining variable rate convertible noteholders will see
the importance of reaching mutually-satisfactory pathways to resolve the
remaining balances of their respective notes,” continued Jarvis.
Financing
On March 19, 2021, the Company closed
on a financing with Labrys Fund, L.P. for a 12% convertible promissory note in
the principal amount of $535,000.00, providing the Company with a net of
$452,000.00 after 10% original issue discount (OID), legal fees, and broker
fees (the “Note”). The loan maturity date is March 18, 2022, and is the date on
which the principal sum, the OID as well as any accrued and unpaid interest and
other fees, shall be due and payable. If the Note is not repaid or refinanced,
the Note is convertible into shares of the Company’s common stock at a fixed
price of $0.0055 per share. The Note also has full warrant coverage with an
exercise price that is 110% of the closing stock price the day prior to the
Issuance Date, subject to down round protection (non-toxic) and reverse split
adjustment with respect to exercise price. The warrants have a 5-year term and
will allow for the purchase of 116,304,347 shares at a price of $0.0046 per
share.
Investor Summit Conference
The Company also announced today that
Christopher Jarvis, Executive Vice President of Finance, has been invited to
present at the Q1 Virtual Investor Summit. The Investor Summit conference will
take place on March 23-25, 2021 and includes a Company presentation and Q&A
scheduled for 4:30 p.m. ET on March 23. To register to attend the Company’s
live presentation click the following link: https://zoom.us/webinar/register/WN_sw4Xr6nUQpCY4NcAEq9Wow
To request a complimentary investor
registration and a 1-on-1 meeting with Foothills, please visit the conference
website at www.investorsummitgroup.com. The corporate presentation being
presented will also be made available on the Company’s investor relations
website https://ir.foothillspetro.com.
The Investor Summit (formerly MicroCap
Conference) is an exclusive, independent conference dedicated to connecting
smallcap and microcap companies with qualified investors. The Q1 Investor
Summit will take place virtually, featuring 100 companies and over 300
institutional and retail investors.
About the Company
Foothills Exploration, Inc. is a growth
stage oil and gas exploration company. The Company’s principal asset located in
the Wind River Basin, Wyoming, consists of approximately 16,000 acres of highly
prospective development acreage. The Company's initiative is to generate
high-impact oil and gas exploration projects focused on natural gas. 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
EVP
of Finance
(800)
204-5510
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