Breaking #Oil and #Gas #Stock News- FOOTHILLS EXPLORATION, INC. (OTC:
$FTXP) ANNOUNCES 545-WELL ACQUISITION IN #KANSAS AND #OKLAHOMA; @Foothills_FTXP
LOS ANGELES, CA, February 24,
2023 --(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 that
it has acquired certain leases and wells located in Kansas and Oklahoma.
Read this news, featuring FTXP in
full at https://www.investorideas.com/news/2023/energy/02241FTXP-545-Well-Acquisition.asp
The world
is expected to remain dependent upon oil and natural gas as transitional energy
sources until the world can produce enough quantities of green energy. Natural
gas in particular will play a bigger role on a global scale providing clean,
reliable and abundant energy to nations for years to come.
Acquisition Highlights
• The acquisition provides a multi-year
inventory of wells to increase the production and reserve profile of the
Company.
• The assets provide the Company with a
platform to deliver double-digit growth in production, reserves, and revenues
in 2023 and 2024.
• Substantial reserves behind pipe
• Infrastructure in place to drive
low-cost development.
• Natural gas weighted assets
Jubilee Acquisition
In
January of 2023, the Company closed on the acquisition of one hundred percent
(100%) membership interest in Jubilee Exploration, LLC, an Oklahoma limited
liability company (“Jubilee Exploration”), which owns five hundred forty-five
(545) shut-in or stranded oil and gas wells situated on multiple leases located
in northeastern Oklahoma and southeastern Kansas.
Jubilee
Exploration, an independent oil and gas producer currently controls 545 wells
located across multiple counties in northeastern Oklahoma and southeastern
Kansas. Anaconda Energy, LLC, a direct subsidiary of Foothills has acquired one
hundred percent (100%) of the membership interest in Jubilee Exploration, LLC,
which is now a wholly-owned indirect subsidiary of the Company.
Foothills
will immediately commence a return to production program focused on gas
production of 139 wells located in Craig and Nowata counties, Oklahoma. The
Company’s return-to-production program on these properties will consist of
wellhead reconnection, facility maintenance, electrical work and flowline
repair work, which is expected to deliver collective production rates of
between 1.5 to 2.5 million cubic feet (“MMCF”) of gas per day for these wells.
Foothills expects that natural gas production from all acquired wells can
potentially be increased to about 5 to 8 million cubic feet per day (“MMCF”)
within the first two years of production.
In
addition, the 14 Jubilee-owned oil wells in Jackson and Garvin counties,
Oklahoma, will also be returned to production. The Company anticipates 30-40
barrels of oil production per day from these properties combined. The Garvin County
properties include three (3) drilled uncompleted wells (“DUC’s”) as part of the
package. The Garvin County wells are the subject of litigation proceedings,
which are in the process of being settled by the parties.
“Our
natural gas-focused strategy is based on having economical, long-lived reserve
assets in established basins to serve a growing nationwide demand for clean,
affordable and abundant natural gas. This acquisition enhances our well
inventory and overall position in the U.S. midcontinent and is complementary to
our current footprint,” said Kevin J. Sylla, Executive Chairman of Foothills.
About the Company
Foothills
Exploration, Inc. (FTXP), 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
ir@foothillspetro.com
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