Breaking #Oil and #Gas #Stock News - FOOTHILLS EXPLORATION (OTC:
$FTXP) PROVIDES OPERATIONS UPDATE- 75%
increase in production for total operations; @Foothills_FTXP
LOS ANGELES, CA, May 3, 2022– (Investorideas.com newswire ) Breaking oil and gas stock news - Foothills
Exploration, Inc (OTC: FTXP), including its direct and indirect
subsidiaries, ("Foothills," or the "Company"), an oil and
gas exploration company focused on delivering the energy needs of today and
tomorrow, is pleased to announce an operations update for Q1 2022.
Read
this news, featuring FTXP in full at https://www.investorideas.com/news/2022/energy/05032FTXP-Increase-Production.asp
Wind River Basin
On
March 9, 2022, the Company acquired an additional 1,960 acres of State leases
from the State of Wyoming, to provide additional potential drilling locations
in the Wind River Basin. This acquisition brings the Company’s total acreage in
the Wind River Basin up to 20,847 acres. The importance of this lease
acquisition is that we can expedite a drilling permit on State lands. The
Company is still actively pursuing a JV partner and has had discussions with
other local operators about sharing the cost of rig mobilization for its
proposed drilling program.
The Company, through its direct subsidiary, Anaconda Energy,
LLC, closed on the acquisition of two small oil and gas operators in the
Illinois basin on December 28, 2021. The acquisition included all of the assets
of the operating companies, including
working interests held in certain oil and gas wells and leases and five percent
(5%) overriding royalty interest in certain leases and wells. The acquisition also
came with 20 oil wells, of which 9 can be worked over.
During Q1 2022, the Company
performed workover operations on three of the wells, which successful generated
a 75% increase in production for total operations. The asset is on track to pay
out within ten months. In Q1 2022, the Company’s Illinois Basin properties generated
$247,712 in total gross revenues, with net revenues of $107,297 attributable to
Anaconda and its subsidiaries.
Houser-Sears #4 Well
The
Houser-Sears #4 well recompletion in the Aux Vases formation proved successful
with the well’s initial production coming in at around 33 barrels of oil per
day (“BOPD”), which has stabilized at around 7 BOPD.
“Our Illinois operations are a perfect
example of the type producing properties we look to acquire. The target
acquisition is undervalued, underdeveloped and offers low-risk development with
behind pipe potential and field wide optimization opportunities. This combination
translates into consistent and predictable cash flow to add to our production
base,” said Kevin J. Sylla, the Company’s Executive Chairman.
Future Development Opportunities –
Illinois
Houser-Sears #6 Well
Anaconda Energy has a 50% working
interest in the proposed well on the Houser-Sears leasehold. The parties plan
to drill a new well to a proposed depth of 3,500 feet in the month of June. This
infield drilling location is in a stacked-pay environment with the potential to
produce from several pay zones. The primary objectives are the Aux Vases Sand
(2,724’), Upper McClosky Limestone (2,800’) and McClosky Dolomites (2,840’).
The secondary objectives are the St. Louis Lime (3,150’) and Salem Lime
(3,308’). The well is expected to pay back within 180 days of initial
production.
Dundas Unical Prospect
The Company signed a participation
agreement to participate in 50% of the rework operations of the Mark Heat #4
well. The objective is to frac the Aux Vases formation with the expectation of
a 30 BOPD initial production. The rework operation is scheduled for the end of
Q2 2022.
Utah Properties
The Company realized total revenues of
$80,529 in January and February 2022 from its 21.7% non-operated working
interest in two EOG-operated horizontal wells located in the Uintah Basin of
Utah.
Oklahoma Project
The Company closed on the acquisition
of six wells in Carter and Garvin counties in Oklahoma. Three of the six wells
are currently producing and the other three are return to production
candidates.
“It is our belief that these Oklahoma
assets will add value to our production portfolio on day one,” said Alex M.
Hemb, CEO of Anaconda Energy, LLC. “The plan is to begin a workover and
optimization program within the next 30 days,” said Hemb. “The Company has also
identified several leases that meet its criteria for bolt-on acquisitions,”
continued Hemb.
Repurposing Abandoned Oil and Gas Wells
“Our acquisition of these stripper
wells is part of a bigger detailed plan to repurpose these wells at the end of
their life into clean energy producers, said Sylla. “Currently there are
several pilot projects and emerging new technologies focused on repurposing oil
and gas wells to accelerate the energy transition,” continued Sylla.
The Company’s New Energy Ventures
division is currently in the research phase of its evaluation into the production
of green energy by repurposing abandoned oil and gas wells into geothermal
wells and also producing hydrogen from abandoned wellbores using emerging new
technologies.
About the Company
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 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. 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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