#Oil and #Gas #Stock News - FOOTHILLS EXPLORATION (OTC: $FTXP) reports GEOCHEMICAL SURVEY SHOWS POSITIVE RESULTS at BEAVER CREEK EAST PROJECT IN THE WIND RIVER BASIN, WYOMING; @Foothills_FTXP
LOS ANGELES, CA – November 10, 2021 - Investorideas.com newswire and Oilandgasstocknews.com 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 is pleased to announce that it has received encouraging results for Phase 1 of its previously announced soil geochemical survey on a portion of the Company’s acreage in the Beaver Creek East (“BCE”) project in Fremont County, Wyoming.
Read this news featuring FTXP in full at https://www.investorideas.com/news/2021/energy/11101FTXP-Beaver-Creek-East.asp
The BCE soil hydrocarbon geochemical survey carried
out over approximately 20 square miles of the Company Exploration Development
Area (“EDA”) in Fremont County, Wyoming has successfully documented oil and gas
microseeps that will help focus the Company’s Master Drilling Plan Development.
“The initial results of our geochemical program at Beaver Creek East are quite
promising and support our geological and technical analysis,” said Kevin J.
Sylla, the Company’s Executive Chairman. “We look forward to the next phase of
the geochemical program coupled with our 2-D seismic interpretation currently
underway as we further evaluate the best locations for our drilling program,”
continued Sylla.
Geochemical Survey
Phase 1 of the geochemical survey conducted over
the Company’s project area has shown encouraging results with oil and
condensate sourced anomalous propane concentrations in soils. Exciting is the
thermogenic hydrocarbon anomaly clusters are spatially associated with known
faults, structural features, features identified in seismic, drilling and
associated area oil fields. High propane/propylene ratio anomalies are
indicative of fast-streaming of propane along faults to surface.
Since oil and condensate sourced gas microseeps are
clearly evident, Phase 2 of the Company’s geochemical program will further
analyze 95 of the 194 soil samples collected using the Synchronous Scanned
Fluorescence (“SSF”) method to reveal crude oil concentrations down to one part
per million and the composition of leaking hydrocarbon source (i.e., condensate
vs. high gravity vs. low gravity oil). The SSF analysis will also determine the
API gravity of the leaking oil source from traces of the heavier C6-C22.
Project Area
These promising surface results confirm potential
sources outlined in U.S. Geological Survey (“USGS”) Wind River Basin studies.
The Northern portion of the prospect area of the Company’s acreage is located
within the area surveyed by the USGS in 2018 for petroleum assessment and determined
that there were an estimated 528 million barrels of oil, 2 trillion cubic feet
of gas and 40 million barrels of natural gas liquids of undiscovered resources
of the Niobrara Interval of the Cody Shale of the Wind River Basin Province, Wyoming.
The USGS in 2020 quantitatively assessed the
potential for undiscovered, technically recoverable, continuous
(unconventional) oil and gas resources in the Cretaceous Mowry shale in the
Wind River Basin Province, Wyoming. This estimated undiscovered, technically
recoverable mean resources of 288 million barrels of oil and 2.6 trillion cubic
feet of gas in the Mowry Shale adding to the resource potential in the Wind
River Basin Province, Wyoming. Historical good production occurs in adjacent
fields from Frontier stacked sands, which are sandwiched between these 2 high
resource source rocks.
Wind River Basin Beaver Creek East Prospect
The Company is developing a 16,387-acre
multi-stacked pay project 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), from vertical wells. It should also be
noted that potential undiscovered resources of the Niobrara Interval of the
Cody Shale and Mowry Shale of the Wind River Basin Province estimated by the
USGS in their 2018 & 2020 petroleum assessment have not been included in
the above prospective resources economic summary.
Foothills’ acreage is located in a large undrilled
area 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 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.
Corporate Update
On October 27, 2021, the Company filed its
quarterly report for the period ending September 30, 2021, two- and one-half
weeks ahead of the OTC Markets deadline for timely submission. The Company
remains committed to completing the necessary steps to up-list to the OTC.QB
and continues to work through the auditing process.
Management is currently working with counsel to complete
the definitive agreements required to close on its recently announced Illinois
basin acquisitions. The Company has made the required deposits for the well
acquisitions and has also funded the rework program for the Sears-Houser #4
well, work for which is also currently underway.
“I am excited at management’s ability to execute on
all fronts and our ability to achieve targets and objectives,” said Sylla. “The
Company also continues to aggressively pursue several other potential opportunities
to build value in the long-term,” continued Sylla.
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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