The share price of Foothills Exploration Inc (OTCPink:FTXP) increased 23.08% to $0.0016 at yesterday’s close. The FTXP stock volume was 881.70M, which was significantly higher than its average weekly volume of 337.39M. A geochemical survey led to a surge in FTXP stock price.
Where has FTXP been conducting the survey?
Foothills Exploration focuses on exploring and developing oil and gas to meet today’s and tomorrow’s energy demands. As part of FTXP’s strategy, two core initiatives are designed to build a balanced portfolio. A major initiative of FTXP is to generate high-impact oil and gas exploration projects. Through its New Energy Ventures division, FTXP will invest in projects that will contribute to a low-carbon, practical, and balanced energy mix of the future by identifying viable, realistic, and balanced ways to achieve it.
Foothills Exploration last week announced its intention to engage Geochemical Insight to perform a geochemical survey on a portion of its Beaver Creek East (“BCE”) acreage.
As part of FTXP’s geological and geophysical delineation of its first drilling target in the BCE prospect, which may contain production from a number of formations, it is in the last stages of the geological and geophysical survey.
- A stacked-pay drilling program will be implemented in the initial drilling program. For its proposed exploration program, FTXP has identified nine different formations.
- Geochemical surveys will begin on October 9, 2021, and they should take approximately six weeks to conduct, analyze and report the results.
- Nineteen four to five mile-long lines spaced three hundred feet apart will be used to collect 194 soil samples.
- Initially the samples will be assessed for acid extractable C1 through C4 hydrocarbons, followed by a synthesis scanned fluorescence analysis of samples containing anomalous thermogenic C2+ hydrocarbons to identify condensate, light oil, and heavy oil compositions.
- Fremont County, Wyoming, is FTXP’s multi-stacked pay Exploration Development Area, with a high oil and gas prospectivity.
- Based on the results of a third-party analysis of FTXP’s Beaver Creek East Project in Wyoming, a third-party report indicates Prospective Resources of approximately 21 million barrels of undiscovered oil with a PV-10 value of $372 million (after risk).
BCE geochemical analysis will be conducted about 15 miles southeast of Riverton in Townships 33N and 34N 95W in Fremont County. It is intended that the survey determines the locations of hydrocarbon seeps in order to reduce the risk associated with oil and gas exploration by selecting drill targets in areas with hydrocarbon seeps and providing baseline ecological information on the natural hydrocarbon seeps.
Foothills Exploration (FTXP)’s acreage is located in this large, remote undrilled area, along the eastern flank of a sub basin that is deeper in the Wind River Basin. As a result of deep structural deposits, the Beaver Creek field recently produced approximately 73.3 million barrels of oil and 934,781,606 MCF of gas. Updip to the south, Big Sand Draw has produced 62 million barrels of oil and 266,678,537 MCF of gas from multiple pay horizons.