Breaking #Energy/#Cleantech #Stock News - FOOTHILLS
EXPLORATION INC. (OTC: $FTXP) FORMS NEW SUBSIDIARY TO PARTICIPATE IN GLOBAL
ENERGY TRANSITION; @Foothills_FTXP
LOS ANGELES, March 30, 2021– (Investorideas.com newswire , Renewableenergystocks.com and Oilandgasstocknews.com ) Foothills Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries, ("Foothills," or the "Company"), an oil and gas exploration company today announced the formation of a new subsidiary, New Energy Ventures, LLC, (“New Energy Ventures”) aimed at participating in the transformation of the energy sector.
New Energy Ventures’ mission involves partnering
with entrepreneurial and talented management teams to develop different
technologies for a sustainable and energy efficient low carbon future. Our core
area of focus is power generation and oil field clean-tech applications. New
Energy Ventures will initially aim to partner with innovative venture and
emerging growth companies focused on carbon capture, blue and green hydrogen
production, oil field clean tech, and deep geothermal exploration.
Read this news, featuring FTXP in full
at https://www.investorideas.com/news/2021/renewable-energy/03301FTXP-Global-Energy-Transition.asp
Embracing the Energy Transition to Stay
Competitive in the New Normal
Current data indicates global demand for
oil and natural gas will continue beyond 2050 albeit a number of
carbon-emissions reduction targets and mandates have been developed globally.
Key U.S. states like California and New
York have developed stated emissions reductions targets to fall in line with
the Paris Agreement by 2050. The Biden
administration has also once again signed the Paris Agreement on behalf of the
United States and federal emissions reductions targets are currently being
developed.
“The Company aims to capitalize on the
evolving landscape of energy policy and take part of the strong growth outlook
for the future of zero-carbon emission projects and clean energy tech,” said
Kevin J. Sylla, the Company’s Executive Chairman. “New Energy Ventures will
focus on transformative energy sources and disruptive oilfield clean
technologies. We are not abandoning our core principles but instead expanding
our horizons and building a greater platform and robust foundation to create
shareholder value,” continued Sylla.
Natural Gas Exploration and Development
Company management views natural gas as
integral part of the future of energy as the world moves to net-zero emissions
and considers natural gas critical to our nation’s energy security. There are
potential unintended consequences to the strategy to ‘electrify everything’
with an overreliance on electrification as the sole path to net-zero.
The Company is currently working on a
strategic plan to exploit its Wind River Basin project in Fremont County, Wyoming.
The Company intends to actively pursue other natural gas projects once the Wind
River Basin project finds a partner and begins its work program.
SEC Rule 15-2c-12 Compliance and
Balance Sheet Initiatives
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.
The Company has a comprehensive plan in
place to meet the June 30th deadline and will provide future
announcements to update the market periodically on its progress. The Company is
continuing to work with its remaining convertible noteholders to negotiate,
settle and retire all the Company’s outstanding convertible debt as part its ongoing
efforts to address future dilution, create value and generate long-term growth
for shareholders.
About the Company
Foothills Exploration, Inc. is an 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
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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