#OilandGas #Stock News - FOOTHILLS EXPLORATION INC. (OTC: $FTXP) COMMENCES GEOCHEMICAL SURVEY OF
ITS WIND RIVER BASIN PROPERTIES; @Foothills_FTXP
LOS ANGELES, CA – October 7, 2021 – (Investorideas.com
newswire and Oilandgasstocknews.com) Breaking oil and gas stock news – Foothills Exploration,
Inc. (OTC: FTXP), an oil and gas exploration and
development company focused on delivering the energy needs of today and tomorrow,
announced today that it has engaged Geochemical Insight to execute a
geochemical survey on a portion of the Company’s acreage in the Beaver Creek
East (“BCE”) project located in Fremont County, Wyoming.
Read this news, featuring FTXP in full
at https://www.investorideas.com/news/2021/energy/10072FTXP-Geochemical-Survey.asp
The Company is actively engaged in the last
stage of its geological and geophysical delineation for its first drilling
target in the BCE prospect, which has the potential to produce from several
formations. The initial drilling program will have multiple objectives in a
stacked-pay environment. The Company has identified nine different formations for
its proposed exploration program. The geochemical survey will begin on October 9,
2021, and the sampling, analysis and reporting of the data is expected to take
approximately six weeks to complete.
Geochemical Survey
The BCE geochemical survey will be
conducted in Townships 33N and 34N 95W in Fremont County about 15 miles
southeast of Riverton, Wyoming. The objective of the survey is to document the
location of oil and gas seeps over the surveyed area in order to (i) reduce
exploration risk for oil and gas by focusing drill targets on areas with
hydrocarbon seeps and (ii) provide baseline environmental data of natural
hydrocarbon seeps.
A total of 194 soil samples will be
collected at 1/6-mile (~268 meters) intervals along 4- to 5-mile-long lines
spaced 3,300 feet apart (~1 kilometer). All soil samples will be collected on
foot off access roads. The samples will initially be analyzed for
acid-extractable C1 through C4 hydrocarbons and samples with anomalous
thermogenic C2+ hydrocarbons will be analyzed by Synchronous Scanned Fluorescence
to look for aromatic hydrocarbon compositions indicative of condensate, light
oil and heavy oil seeps.
Wind River Basin Wyoming Beaver Creek East Unit
The Company is developing a 16,387-acre
multi-stacked pay Exploration Development Area in Fremont County, Wyoming,
which is highly prospective for oil and natural gas. A third-party engineering
report of the Company’s interest in the 16,387 acres located in the Wind River
Basin, Wyoming, known as the Beaver Creek East Project, indicates Prospective
Resources of approximately 21 million barrels of undiscovered oil, with a PV-10
value of $372 million (after risk).
Foothills’ acreage is in this large
undrilled area and is along the eastern flank of a deeper sub basin in the Wind
River Basin proper. Here a deep structural deposit called the Beaver Creek
field has produced approximately 73.3 million barrels of oil and 934,781,606 MCF
of gas. The Big Sand Draw field, updip to the south, has produced 62.0 million
barrels of oil and 256,678,537 MCF of gas from multi-pay horizons. These are
generally in the Frontier, Muddy, Dakota, Lakota, Morrison, Phosphoria,
Tensleep and Madison formations.
About Geochemical Insight
Geochemical Insight is a Colorado-based
company that turns multi-component geochemical data into information integrated
with geological and geophysical data to reduce risk in petroleum, helium,
hydrogen and mineral exploration. Geochemical Insight has designed, implemented
and interpreted geochemical exploration surveys for the petroleum and mining
industries since 2007. Emphasis is placed on linking surface seeps with
reservoir fluids using forensic geochemical tools with
the ultimate goal of reducing exploration risk. They are contracted by
clients to help:
- Focus on leasing, seismic and
drilling
- Determine
if targets contain petroleum, helium and/or water
- Evaluate
oil-field brines for lithium potential
- Identify
by-passed or deeper production
- Map
reservoir trends and sweet spots
- Estimate light moveable oil
quantities in shale reservoirs
For
additional information please visit www.geochemicalinsight.com.
About Foothills Exploration, Inc.
Foothills Exploration, Inc. (“FTXP” or the “Company”), 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 OTC Markets 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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