Foothills Exploration (OTC:FTXP) Acquires Certain Leases and Wells In OKLAHOMA | News Direct

Foothills Exploration (OTC:FTXP) Acquires Certain Leases and Wells In OKLAHOMA

News release by TopNewsGuide - Market News & Commentary

facebook icon linkedin icon twitter icon pinterest icon email icon Naples, Fl | February 15, 2023 07:15 PM Eastern Standard Time

The oil and gas exploration and development industry has gained a lot of traction among investors over the course of the past year or so and for good reason. The volatility in oil prices and the overall upward momentum in the same resulted in investors becoming increasingly interested in the sector. Foothills Exploration (OTCMKTS:FTXP) is involved in the same industry and is engaged in providing for the energy needs of the present as well as the future.

The company’s strategy is to create a balanced portfolio of assets in two unique ways. The first of those is to come up with oil and gas exploration assets with a high impact. The second is to prepare for the low carbon future through involvement in geothermal and hydrogen projects. The second part of its business strategy is executed by Foothills’ New Energy Divisions unit, which is involved in the identification of assets that can help it in contributing towards a more sustainable future.

The company has been making some strong moves in recent times and earlier in the week on Monday, it announced that it had managed to complete the acquisition of some wells and leases in Comanche County in Oklahoma. It was announced that back on January 31, 2023, Foothills had been successful in closing the acquisition of as many as 21 shallow oil and gas wells.

All those wells are located in Comanche County in Oklahoma and spread across four separate leases. The wells in question are classified as stripper wells with an average depth of 1200 feet and mainly produce thanks to the Granite Wash formation.

It was also announced at the time that Foothills was going to commence the return to production operations at the wells immediately.

The new production is expected to begin at the site in the week of February 20, 2023. Foothills noted that based on the current price of oil, it is expected to generate revenues to the tune of $432,000 from these wells over the course of the coming 12 months. The wells are going to be operated by WHZ Oil & Gas, which is an indirect subsidiary of Foothills.

Back on January 27 this year, Foothills had come up with a key corporate update. It announced at the time that back on November 25, 2022, it had signed a settlement agreement with its biggest institutional lender.

By way of the agreement, as many as 11 convertible promissory notes carrying an aggregate principal amount of $6,368,333 were retired and canceled. The agreement also led to the cancellation of 3.9 billion associated warrants. It was also announced that on January 9, 2023, the company had signed a lockup and settlement agreement with the same institutional investor for a convertible promissory note which carried a principal amount of $390,000.

Last but certainly not least, back in August last year Foothills had made a significant announcement that could have an effect on the company’s future. On August 25, 2022, the company had announced that the completion operations at the Houser-Sears #6 well had been started. The well had been logged and drilled successfully, which also gave the indication of the possibility of new reserves in the leasehold. The completion logs and the geological analysis indicated that there could be at least six more zones with oil-bearing formations.

 

Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, assumptions of future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's investment may be lost or due to the speculative nature of the companies profiled. TopNewsGuide 'TNG' (Owned by RazorPitch Inc) is responsible for the production and distribution of this content. TNG is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. TNG authors, contributors, or its agents, may be compensated for preparing research, video graphics, and editorial content. TNG has not been compensated to produce and syndicate this content. As part of that content, readers, subscribers, and webs are expected to read the full disclaimers and financial disclosure statement that can be found on our website http://topnewsguide.com 

 

Contact Details

 

Mark McKelvie

 

+1 585-301-7700

 

markrmckelvie@gmail.com

 

Company Website

 

http://topnewsguide.com

Tags

Foothills Exploration (OTCMKTS:FTXP)Foothills Exploration StockFoothills Exploration (FTXP)FTXP StockOTC StocksOklahomaFtxpftxp stockftxp newsOTC ftxp