#OilandGas Service Providers (TSX: $E.TO) (OTCQB: $ETOLF) (TSX: $PHX.TO) (TSX: $ESI.TO) (TSX: $STEP.TO)- Increased Capital Spending for Sector Drives Growth; @EnterpriseGrp

#OilandGas Service Providers (TSX: $E.TO) (OTCQB: $ETOLF) (TSX: $PHX.TO) (TSX: $ESI.TO) (TSX: $STEP.TO)- Increased Capital Spending for Sector Drives Growth; @EnterpriseGrp

 

Vancouver, Kelowna, Delta, BC –– April 12, 2023 Investorideas.com, a global investor news source covering oil and gas stocks issues an energy services sector snapshot featuring Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF), a consolidator of services including specialized equipment rental to the energy/resource sector. The Company also works with particular emphasis on mobile power systems and technologies that mitigate, reduce or eliminate CO2 and Greenhouse Gas emissions for itself and its clients.   

 

Read this article, featuring ETO in full at https://www.investorideas.com/news/2023/energy/04121Oil-Gas-Service-Providers.asp

 

Mining.com recently reported, “The Alberta Energy Regulator projected capital spending on oil and gas to increase to C$17 billion this year, which would be a 56% increase over 2021.”

 

“This year’s been a really banner year for gas development,” said Ian Archer, associate director of commodity insights for S&P Global. “We’ve seen very strong growth in Western Canadian production.”

 

According to Oil and Gas Journal, “More than 60% of oil and gas company executives surveyed by the Federal Reserve Bank of Dallas say they plan to increase their capital spending in 2023 versus last year while an even greater number expect input costs to rise further this year.”

 

Higher Capital Spending in the oil industry plus the ongoing Government push for Climate Change initiatives and solutions have created a perfect storm of success for Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF).  Enterprise provides specialized equipment and services in the build out of infrastructure for energy, pipeline, and construction industries. The Company recently announced its Q4 2022 and FY2022 results and beat expectations

 

From the news: “The 2022 year has been one of the strongest in recent history. Higher capital spending in the energy industry combined with increased customer activity levels in has resulted in improved results. During the year, Enterprise secured additional supply and services agreements with three of its tier one clients which contributed to the improved operating results. Revenue for the year ended December 31, 2022, was $26,892,249 compared to $18,732,335 in the prior period, an increase of $8,159,914 or 44%. Adjusted gross margin for the year ended December 31, 2022, was $10,879,928 compared to $4,982,731 in the prior period, an increase of $5,897,197 or 118%. Adjusted EBITDA for the year ended December 31, 2022, was $8,147,223 compared to $2,959,020 in the prior period, an increase of $5,188,203 or 175%. Revenue for the three months ended December 31, 2022, was $8,734,471 compared to $5,730,978 in the prior period, an increase of $3,003,493 or 52%. Adjusted gross margin for the three months ended December 31, 2022, was $4,157,875 compared to $2,091,874 in the prior period, an increase of $2,066,001 or 99%. Adjusted EBITDA for the three months ended December 31, 2022, was $3,283,612 compared to adjusted EBITDA of $1,547,549 in the prior period, an increase of $1,736,063 or 112%. Increases in gross margin and EBITDA for the year and the quarter are reflective of increases customer activity in 2022 while maintaining the overall cost structure of the Company.”

 

Continued: For the year ended December 31, 2022, the company generated cash flow from operations of $5,910,830 compared to $3,500,869 in the prior year. This change is consistent with the higher activity during the year. The Company continues to utilize a combination of cash flow and debt to right-size and modernize its equipment fleet to meet customer demands. During the year ended December 31, 2022, the Company purchased $5,569,011 of capital assets primarily for natural gas power generation, upgrading the energy efficiency of existing equipment and meeting specific requests from customers. During this same period, the Company also sold property, plant and equipment and received proceeds $1,216,724 of which were re-invested in new equipment.

 

Continued: In April of this year, Enterprise Group officially launched a new wholly owned subsidiary, Evolution Power Projects, Inc. ("EPP"). EPP is the leading provider of low emission, mobile power systems and associated surface infrastructure to the Energy, Resource, and Industrial sectors. The Company's innovative methods are delivering to its client's low emission natural gas-powered systems and micro-grid technology, allowing clients to eliminate diesel entirely. A significant portion of Enterprise's capital expenditures for 2022 was for additional natural gas-powered systems, including turbine generators. EPP can now provide mobile micro-grid technology in the 1-megawatt range which has allowed EPP to expand its services into water pumping and drilling support, further eliminating the use of diesel power. Also, EPP's systems are equipped to deliver real-time emission metrics providing its clients the assurances necessary for them to accomplish their ESG reporting and objectives.

 

Last month another TSX energy service provider, PHX Energy (TSX: PHX) announced the strongest fourth quarter and year end results In Its history. PHX Energy is a growth oriented, public oil and natural gas services company. The Corporation, through its directional drilling subsidiary entities provides horizontal and directional drilling services to oil and natural gas exploration and development companies principally in Canada and the US.

 

From the news: Fourth Quarter Highlights

For the three-month period ended December 31, 2022, PHX Energy generated consolidated revenue of $157.8 million, the highest level of quarterly revenue in the Corporation’s history and an increase of 54 percent from the fourth quarter of 2021.

 

Adjusted EBITDA from continuing operations increased to $33.9 million, 21 percent of consolidated revenue. This is also PHX Energy’s highest level of quarterly adjusted EBITDA and all-time record as a percentage of consolidated revenue. Included in the 2022 quarter’s adjusted EBITDA is $6.9 million in cash-settled share-based compensation expense. Excluding cash-settled share-based compensation expense, adjusted EBITDA from continuing operations in the fourth quarter of 2022 was $40.8 million, 26 percent of consolidated revenue.

 

Earnings from continuing operations doubled to $20.3 million in the 2022-quarter from $9.3 million in the 2021 three-month period.

 

Ensign Energy Services Inc., (TSX: ESI) a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally also reported strong revenue growth in its earnings report  last month.

 

From the news: 2022 HIGHLIGHTS

Revenue for 2022 was $1,577.3 million, a 58 percent increase from 2021 revenue of $995.6 million.

 

Revenue amounts and percentage of total by geographic area:

 

Canadian drilling recorded 13,589 operating days in 2022, a 51 percent increase from 8,979 operating days in 2021. Canadian well servicing recorded 47,269 operating hours in 2022, a 30 percent increase from 36,254 operating hours in 2021.

 

United States drilling recorded 17,928 operating days in 2022, a 46 percent increase from 12,242 operating days in 2021. United States well servicing recorded 124,035 operating hours in 2022, a one percent decrease from the 124,916 operating hours in 2021.

 

International drilling recorded 3,973 operating days in 2022, an 11 percent increase from 3,574 operating days recorded in 2021.

 

STEP Energy Services Ltd. (TSX: STEP), an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions reported Fourth Quarter and Year End 2022 Results last month.

 

From the news: 2022 ANNUAL HIGHLIGHTS

 

2022 was an exceptional year for STEP, with the Company achieving record results across many of its key financial metrics:

 

Consolidated revenue for the year ended December 31, 2022 of $989.0 million, increasing 84% from $536.3 million in the prior year.

 

Net income for the year ended December 31, 2022 of $94.8 million, or $1.31 per diluted share, compared to a net loss of $28.1 million in 2021, or a $0.41 loss per share. Net income was positively impacted by the reversal of $38.4 million of impairment loss taken in 2020, following the significant improvement in business conditions.

 

For the year ended December 31, 2022, Adjusted EBITDA was $198.9 million or 20% of revenue compared to $63.0 million or 12% of revenue in the prior year.

 

Looking ahead for the sector, amid recent oil price spikes it looks like the spending will continue and oil service providers will be a sector to watch for investors. 

 

Get a free investor list of oil and gas stocks at Investorideas.com

https://www.investorideas.com/OGSN/Stock_List.asp

 

About Investorideas.com - News that Inspires Big Investing Ideas

Investorideas.com publishes breaking stock news, third party stock research, guest posts and original articles and podcasts in leading stock sectors.  Learn about investing in stocks and get investor ideas in cannabis, crypto, AI and IoT, mining, sports biotech, water, renewable energy, gaming and more. Investor Idea’s original branded content includes podcasts and columns : Crypto Corner , Play by Play sports and stock news , Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast ,  Cleantech and Climate Change , Exploring Mining , Betting on Gaming Stocks Podcast and  the AI Eye Podcast.

 

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure: This article featuring Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) is a paid for service on Investorideas ( 2250) .More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp Contact management and IR of each company directly regarding specific questions.

 

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#EnergyServices #Stocks to Watch (TSX: $E.TO) (OTCQB: $ETOLF) (TSX: $PHX.TO) (TSX: $ESI.TO) (TSX: $STEP.TO) @EnterpriseGrp

#EnergyServices #Stocks to Watch (TSX: $E.TO) (OTCQB: $ETOLF) (TSX: $PHX.TO) (TSX: $ESI.TO) (TSX: $STEP.TO) @EnterpriseGrp

 

Higher Capital Spending for #OilIndustry to Drive Growth for #Energy Service Providers    

 

Vancouver, Kelowna, Delta, BC –– April 11, 2023 Investorideas.com, a global investor news source covering oil and gas stocks issues an energy services sector snapshot featuring Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF), a consolidator of services including specialized equipment rental to the energy/resource sector. The Company also works with particular emphasis on mobile power systems and technologies that mitigate, reduce or eliminate CO2 and Greenhouse Gas emissions for itself and its clients.    

 

Read this article, featuring ETO in full at https://www.investorideas.com/news/2023/energy/04111Energy-Service-Providers.asp

 

Mining.com recently reported, “The Alberta Energy Regulator projected capital spending on oil and gas to increase to C$17 billion this year, which would be a 56% increase over 2021.”

 

“This year’s been a really banner year for gas development,” said Ian Archer, associate director of commodity insights for S&P Global. “We’ve seen very strong growth in Western Canadian production.”

 

According to Oil and Gas Journal, “More than 60% of oil and gas company executives surveyed by the Federal Reserve Bank of Dallas say they plan to increase their capital spending in 2023 versus last year while an even greater number expect input costs to rise further this year.”

 

Higher Capital Spending in the oil industry plus the ongoing Government push for Climate Change initiatives and solutions have created a perfect storm of success for Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF).  Enterprise provides specialized equipment and services in the build out of infrastructure for energy, pipeline, and construction industries. The Company recently announced its Q4 2022 and FY2022 results and beat expectations

 

From the news: “The 2022 year has been one of the strongest in recent history. Higher capital spending in the energy industry combined with increased customer activity levels in has resulted in improved results. During the year, Enterprise secured additional supply and services agreements with three of its tier one clients which contributed to the improved operating results. Revenue for the year ended December 31, 2022, was $26,892,249 compared to $18,732,335 in the prior period, an increase of $8,159,914 or 44%. Adjusted gross margin for the year ended December 31, 2022, was $10,879,928 compared to $4,982,731 in the prior period, an increase of $5,897,197 or 118%. Adjusted EBITDA for the year ended December 31, 2022, was $8,147,223 compared to $2,959,020 in the prior period, an increase of $5,188,203 or 175%. Revenue for the three months ended December 31, 2022, was $8,734,471 compared to $5,730,978 in the prior period, an increase of $3,003,493 or 52%. Adjusted gross margin for the three months ended December 31, 2022, was $4,157,875 compared to $2,091,874 in the prior period, an increase of $2,066,001 or 99%. Adjusted EBITDA for the three months ended December 31, 2022, was $3,283,612 compared to adjusted EBITDA of $1,547,549 in the prior period, an increase of $1,736,063 or 112%. Increases in gross margin and EBITDA for the year and the quarter are reflective of increases customer activity in 2022 while maintaining the overall cost structure of the Company.”

 

Continued: For the year ended December 31, 2022, the company generated cash flow from operations of $5,910,830 compared to $3,500,869 in the prior year. This change is consistent with the higher activity during the year. The Company continues to utilize a combination of cash flow and debt to right-size and modernize its equipment fleet to meet customer demands. During the year ended December 31, 2022, the Company purchased $5,569,011 of capital assets primarily for natural gas power generation, upgrading the energy efficiency of existing equipment and meeting specific requests from customers. During this same period, the Company also sold property, plant and equipment and received proceeds $1,216,724 of which were re-invested in new equipment.

 

Continued: In April of this year, Enterprise Group officially launched a new wholly owned subsidiary, Evolution Power Projects, Inc. ("EPP"). EPP is the leading provider of low emission, mobile power systems and associated surface infrastructure to the Energy, Resource, and Industrial sectors. The Company's innovative methods are delivering to its client's low emission natural gas-powered systems and micro-grid technology, allowing clients to eliminate diesel entirely. A significant portion of Enterprise's capital expenditures for 2022 was for additional natural gas-powered systems, including turbine generators. EPP can now provide mobile micro-grid technology in the 1-megawatt range which has allowed EPP to expand its services into water pumping and drilling support, further eliminating the use of diesel power. Also, EPP's systems are equipped to deliver real-time emission metrics providing its clients the assurances necessary for them to accomplish their ESG reporting and objectives.

 

Last month another TSX energy service provider, PHX Energy (TSX: PHX) announced the strongest fourth quarter and year end results In Its history. PHX Energy is a growth oriented, public oil and natural gas services company. The Corporation, through its directional drilling subsidiary entities provides horizontal and directional drilling services to oil and natural gas exploration and development companies principally in Canada and the US.

 

From the news: Fourth Quarter Highlights

For the three-month period ended December 31, 2022, PHX Energy generated consolidated revenue of $157.8 million, the highest level of quarterly revenue in the Corporation’s history and an increase of 54 percent from the fourth quarter of 2021.

 

Adjusted EBITDA from continuing operations increased to $33.9 million, 21 percent of consolidated revenue. This is also PHX Energy’s highest level of quarterly adjusted EBITDA and all-time record as a percentage of consolidated revenue. Included in the 2022 quarter’s adjusted EBITDA is $6.9 million in cash-settled share-based compensation expense. Excluding cash-settled share-based compensation expense, adjusted EBITDA from continuing operations in the fourth quarter of 2022 was $40.8 million, 26 percent of consolidated revenue.

 

Earnings from continuing operations doubled to $20.3 million in the 2022-quarter from $9.3 million in the 2021 three-month period.

 

Ensign Energy Services Inc., (TSX: ESI) a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally also reported strong revenue growth in its earnings report  last month.

 

From the news: 2022 HIGHLIGHTS

Revenue for 2022 was $1,577.3 million, a 58 percent increase from 2021 revenue of $995.6 million.

 

Revenue amounts and percentage of total by geographic area:

 

Canadian drilling recorded 13,589 operating days in 2022, a 51 percent increase from 8,979 operating days in 2021. Canadian well servicing recorded 47,269 operating hours in 2022, a 30 percent increase from 36,254 operating hours in 2021.

 

United States drilling recorded 17,928 operating days in 2022, a 46 percent increase from 12,242 operating days in 2021. United States well servicing recorded 124,035 operating hours in 2022, a one percent decrease from the 124,916 operating hours in 2021.

 

International drilling recorded 3,973 operating days in 2022, an 11 percent increase from 3,574 operating days recorded in 2021.

 

STEP Energy Services Ltd. (TSX: STEP), an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions reported Fourth Quarter and Year End 2022 Results last month.

 

From the news: 2022 ANNUAL HIGHLIGHTS

 

2022 was an exceptional year for STEP, with the Company achieving record results across many of its key financial metrics:

 

Consolidated revenue for the year ended December 31, 2022 of $989.0 million, increasing 84% from $536.3 million in the prior year.

 

Net income for the year ended December 31, 2022 of $94.8 million, or $1.31 per diluted share, compared to a net loss of $28.1 million in 2021, or a $0.41 loss per share. Net income was positively impacted by the reversal of $38.4 million of impairment loss taken in 2020, following the significant improvement in business conditions.

 

For the year ended December 31, 2022, Adjusted EBITDA was $198.9 million or 20% of revenue compared to $63.0 million or 12% of revenue in the prior year.

 

Looking ahead for the sector, amid recent oil price spikes it looks like the spending will continue and oil service providers will be a sector to watch for investors. 

 

Get a free investor list of oil and gas stocks at Investorideas.com

https://www.investorideas.com/OGSN/Stock_List.asp

 

About Investorideas.com - News that Inspires Big Investing Ideas

Investorideas.com publishes breaking stock news, third party stock research, guest posts and original articles and podcasts in leading stock sectors.  Learn about investing in stocks and get investor ideas in cannabis, crypto, AI and IoT, mining, sports biotech, water, renewable energy, gaming and more. Investor Idea’s original branded content includes podcasts and columns : Crypto Corner , Play by Play sports and stock news , Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast ,  Cleantech and Climate Change , Exploring Mining , Betting on Gaming Stocks Podcast and  the AI Eye Podcast.

 

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure: This article featuring Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) is a paid for service on Investorideas ( 2250) .More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp Contact management and IR of each company directly regarding specific questions.

 

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New #Stocks and #TradingIdeas; (TSX: $TAL.TO) (TSXV: $SOU.V) (Nasdaq: $SYBX) (LSE:ROQ) (Nasdaq: $CLVR)

 New #Stocks and #TradingIdeas; (TSX: $TAL.TO) (TSXV: $SOU.V) (Nasdaq: $SYBX) (LSE:ROQ) (Nasdaq: $CLVR)

 

Stocks to watch in #Energy, #Biotech and #Cannabis

 

 

 

 

Vancouver, Kelowna, Delta, March 31, 2023 – (Investorideas.com Newswire) Investorideas.com, a global news source and expert investing resource, announces its weekly roundup of stocks to watch in Energy, Biotech and Cannabis. Today’s stocks have been added to our lists of free stock directories in each sector.

 

Read this in full at https://www.investorideas.com/news/2023/main/03311Stocks.asp

 

The newest energy companies are involved in oil & gas and natural gas development and exploration.

 

The latest biotech companies are involved in treatments for gout and the oncology market.

 

The newest cannabis company operates in Colombia.

 

New Stocks Added to Energy Directories:

PetroTal Corp. (TSX:TAL) is a publicly traded oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2022, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders

 

Southern Energy Corp. (OTCQX: SOUTF;  TSXV: SOU) is a natural gas exploration and production company. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques.

New Stocks Added to Biotech Directories:

Synlogic, Inc. (Nasdaq: SYBX) is the leading company advancing therapeutics based on synthetic biology. Synlogic’s pipeline includes its lead program in phenylketonuria (PKU), which has demonstrated proof of concept with plans to start a pivotal, Phase 3 study in the first half of 2023, and additional novel drug candidates designed to treat homocystinuria (HCU), enteric hyperoxaluria and gout. The rapid advancement of these potential biotherapeutics, called Synthetic Biotics, has been enabled by Synlogic’s reproducible, target-specific drug design. Synlogic uses programmable, precision genetic engineering of well-characterized probiotics to exert localized activity for therapeutic benefit, with a focus on metabolic and immunological diseases. In addition to its clinical programs, Synlogic has a research collaboration with Roche on the discovery of a novel Synthetic Biotic for the treatment of inflammatory bowel disease or IBD. Synlogic has also developed two drug candidates through a research collaboration with Ginkgo Bioworks: SYNB1353, designed to consume methionine for the potential treatment of HCU, and SYNB2081, designed to lower uric acid for the potential treatment of gout.

 

Roquefort Therapeutics plc (LSE: ROQ) is a material biotech company focused on developing first in class, next generation medicines in the high value and high growth oncology market prior to partnering or selling to big pharma. The Company has partnered with leading academic cancer research centres which complements our own world-class in-house expertise and laboratory infrastructure.

New Stocks Added to Cannabis Directories:

Clever Leaves Holdings Inc. (Nasdaq: CLVR) is a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids. Its operations in Colombia produce cannabinoid active pharmaceutical ingredients (API) and finished products ​in flower and extract form to a growing base of B2B customers around the globe. Clever Leaves aims to disrupt the traditional cannabis production industry by leveraging environmentally sustainable, ESG-friendly, industrial-scale and low-cost production methods, with the world’s most stringent pharmaceutical quality certifications.

 

The directories are not meant as recommendations but as a research tool to discover opportunities and trading ideas in a particular sector.

 

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Junior #OilandGas #Stock Foothills Exploration, Inc. (OTC: $FTXP) Reports 545-Well Acquisition in Kansas and Oklahoma; @Foothills_FTXP

Junior #OilandGas #Stock Foothills Exploration, Inc. (OTC: $FTXP) Reports 545-Well Acquisition in Kansas and Oklahoma; @Foothills_FTXP

 

Assets provide the Company with a platform to deliver double-digit growth in production, reserves, and revenues in 2023 and 2024.

 

LOS ANGELES, CA, February 27, 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/02271FTXP-Kansas-Oklahoma.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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