#Energy Stocks News: Foothills Exploration Inc.
(OTCQB: $FTXP) Announces MOU to Acquire ~16,387 Net Acres in Wind River Basin
of Wyoming; @Foothills_FTXP
LOS ANGELES - March 27, 2019 (Investorideas.com
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 oil and natural gas properties in
the Rockies today announced that it has executed a memorandum of understanding
for the acquisition of approximately 16,387 net acres of undeveloped oil and
gas leases in the Wind River Basin in Wyoming.
Read this
in full at https://www.investorideas.com/news/2019/energy/03271OTCQBFTXP-Acquisition.asp
"We
look forward to closing on our second transaction this year, which following
acquisition will complement our existing portfolio," stated Kevin Sylla,
Executive Chairman of Foothills."
“This intended acquisition will add to our exploration inventory and
provide us with prized high impact drilling projects for the future. The near-term focus is on the geological and
geographical delineation of this large continuous position.”
The
Wind River Basin contains over 60 large oil and gas fields producing from 17
different geological formations. The leases are located in Fremont County,
Wyoming. The Paleozoic aged section is
the primary objective, and the Phosphoria, Tensleep, Madison and Flathead
Formations of the Paleozoic have yielded significant oil production in a number
of regional fields down dip to the west, updip to the south and along
structural trends farther to the west-northwest.
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 71.7 million
barrels of oil and 906,473,338 MCF of gas.
The Big Sand Draw field, updip to the south, has produced some 60.8
million barrels of oil and 214,923,203 MCF of gas from multi-pay horizons
generally in the Frontier, Muddy, Lakota, Morrison, Phosphoria, Tensleep and
Madison formations.
We
currently expect this transaction to close on or about March 28, 2019, subject
to the completion of the Company’s due diligence.
About the Company
Foothills
Exploration, Inc. is a growth stage oil and gas exploration and production
(E&P) company with a focus on the acquisition and development of
undervalued and underdeveloped properties in the Rockies. The Company’s principal assets are located
across well-established plays in the U.S. Rocky Mountain region. For additional information please visit the
Company’s website at www.foothillspetro.com.
Forward-Looking
Statements
This
release includes ''forward-looking statements'' within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations, opinions,
belief or forecasts of future events and performance. A statement identified by the use of
forward-looking words including ''will,'' ''may,'' ''expects,'' ''projects,''
''anticipates,'' ''plans,'' ''believes,'' ''estimate,'' ''should,'' “could,”
“proposed” and certain of the other foregoing statements may be deemed
forward-looking statements. These
statements are subject to risks and uncertainties and are based on the beliefs
and assumptions of management, and information currently available to
management. Although Foothills believes that the expectations reflected in such
forward-looking statements are reasonable, these statements involve risks and
uncertainties that may cause actual future activities and results to be
materially different from those suggested or described in this news
release. 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.
All forward-looking statements should be evaluated with the
understanding of their inherent uncertainty.
Factors that could cause the Company's actual results to differ
materially from those expressed or implied by forward-looking statements
include, but are not limited to: risks inherent in natural gas and oil drilling
and production activities, including risks of fire, explosion, blowouts, pipe
failure, casing collapse, unusual or unexpected formation pressures,
environmental hazards, and other operating and production risks, which may
temporarily or permanently reduce production or cause initial production or
test results not to be indicative of future well performance or delay the
timing of sales or completion of drilling operations; delays in receipt of
drilling permits; risks with respect to natural gas and oil prices, a material
decline which could cause Foothills to delay or suspend planned drilling operations
or reduce production levels; risks relating to the availability, timing and
cost of capital to fund drilling operations that can be adversely affected by
adverse drilling results, production declines and declines in natural gas and
oil prices; risks relating to unexpected adverse developments in the status of
properties; risks relating to the absence or delay in receipt of government
approvals or third party consents; the Company's ability to identify, finance
and integrate recent or future acquisitions; the volatility of the Company's
stock price; and other risks described in Foothills' Annual Report on Form 10-K
and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any
forward-looking statements are not guarantees of future performance and actual
results or developments may differ materially from those projected. The forward-looking statements in this press
release are made as of the date hereof.
The Company takes no obligation to update or correct its own
forward-looking statements, except as required by law, or those prepared by
third parties that are not paid for by the Company.
Investor Contact
Christopher Jarvis
(424) 901-6655
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