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Foothills Exploration Inc (FTXP) Has Potential – But Change Is Needed

Foothills Exploration Inc (FTXP) closed up 10.00 percent on Friday at $0.0011 and has been trading in a day range of $0.0012 to $0.0009. Shares of FTXP surged over 10.00% in the last month; with an average volume for the month over 334.31M shares. If we look at three-month performance, FTXP stock falls over -47.62% while the average volume for the stock was 233.14M. The last 12 months have been good for the stock with over 175.00% gain in stock price, reaching a high of $0.0155 with a -$ market cap.


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What has happened recently?

Oct. 29, 2021, Foothills Exploration, Inc. (OTC: FTXP), proclaimed that it had signed a letter of intent to acquire an oil and gas producer in the Illinois basin with producing leases.

Through its direct subsidiary, Anaconda Energy, LLC, the Company has signed an agreement with an unrelated party to acquire : (a) 100% of the membership interest and 100% of the outstanding shares of common and preferred stock of the operating companies for the oil and gas wells and leases and (b) 5% overriding royalty interest in certain leases and wells. The transaction comprises the acquisition of 20 oil wells and 4 Class II saltwater disposal injection wells.

 

Current production is approximately 25 barrels per day (BOPD). In the transaction, the key feature is that nine inactive wells can be brought back to production immediately for relatively little capital. Workovers are expected to begin in November, potentially increasing production by twofold.

 

Wind River Project Update

The geophysical program collected soil samples in October. These samples will be analyzed within two weeks. Wind River basin features over 12,000 feet of historically stacked pay zones spread over the following formations: Cody Shale, Frontier, Muddy, Dakota / Lakota, Phosphoria, Tensleep, and Madison. Frontier, Tensleep, and Madison formations will be the primary targets of our drilling program.

 

About the Company

Foothills Exploration, Inc. (FTXP) is a company specializing in the exploration and development of oil and gas. Through two core initiatives, the Company aims to build a balanced portfolio of assets. Through the first initiative, the Company aims to generate high-impact exploration projects.

 

Through its New Energy Ventures division, the company will invest in hydrogen and geothermal energy projects to contribute to a low carbon future by identifying areas where it can make a meaningful contribution to a realistic and balanced energy mix of the future. Those interested in additional information should visit the Company’s website at www.foothillspetro.com.

 

 

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