FOOTHILLS EXPLORATION INC. PROVIDES UPDATE TO ITS SHAREHOLDERS
LOS ANGELES,, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTC.QB: FTXP) (the “Company,” or “Foothills”), an independent oil and gas exploration company engaged in the acquisition
and development of natural gas and oil properties in the Rockies provides an update to its shareholders.
First, we acknowledge that we are late in filing our most recent 10-Q report. We are working to be on file with the Commission as soon as possible. Against a backdrop of recent pricing pressure on Foothills’ common stock, we would like to provide an update of our 2020 outlook and reiterate our investor communication practices.
Developing the Company’s Wind River Basin properties, consisting of 16,387 acres is a key priority for the Company in 2020. The Board of Directors believes that the Beaver Creek East Project has the potential to be a transformational asset for its stakeholders.
The Board is excited about this prospective exploration project, where a third-party engineering firm issued an assessment that indicates Prospective Resources of approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk). For further details, please refer to the Company’s current report filed on Form 8-K on January 17, 2020.
The Company’s technical team believes that there are additional non-conventional and other resource opportunities on the 16,387-acre leasehold, which could potentially increase the Prospective Resources outlook substantially. Foothills’ technical team has put together a comprehensive geological and geophysical program to evaluate the full universe of data available in order to execute a favorable exploration drilling program.
Foothills’ acreage is located in this large undrilled area and is 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 72.3 million barrels of oil and 917,129, 777 MCF of gas. The Big Sand Draw field, updip to the south, has produced some 61.4 million barrels of oil and 232,882,376 MCF of gas from multi-pay horizons generally in the Frontier, Muddy, Lakota, Morrison, Phosphoria, Tensleep and Madison formations.