DENVER, Feb. 28, 2018 (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 oil and gas properties in the Rockies, is pleased to provide this update on the successful drilling, completion and flow testing of the Stagecoach 117-20H well that produces commercial quantities of natural gas.
The Stagecoach 117-20H is the second well drilled and operated by EOG Resources (NYSE: EOG) in which Foothills owns a 21% working interest. The well has been online for over 60 days producing natural gas. The well has been classified by EOG Resources as confidential with the State of Utah Division of Oil, Gas and Mining, therefore limited data can be provided.
“The Company is thrilled with the successes of the 117-20H and the previously reported 111-20H wells,” said Kevin Sylla, the Company’s Executive Chairman. “The Company will continue seeking additional opportunities to complement its position in the Uinta Basin with acquisitions of non-operated interests, oil and gas leases, and operated properties,” added Sylla. “The Company’s focus in 2018 is to build upon the current momentum and to acquire assets with low operating costs, existing cash flows, long lived reserves, and with deep drilling inventory,” continued Sylla.
The Company has engaged HS Energy Advisors, LLC (“HS Energy”), as its non-exclusive placement agent and advisor to assist in funding its projects in the Uinta Basin and Foothills’ overall effort to secure $50 million in growth capital to fund the Company’s next stage of growth. The Company, along with its advisor, HS Energy, are evaluating a wide range of financing options, and particularly non-dilutive alternatives such as debt, project level financing and joint ventures.
About the Company
Foothills Exploration, Inc. is a growth stage oil and gas exploration and production (E&P) company based in Denver, Colorado with a focus in 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 Rocky Mountain region. For additional information please visit the Company’s website at www.foothillspetro.com.
About HS Energy Advisors, LLC
HS Energy Advisors is an independent research and advisory firm within the energy sector serving institutional investors, family offices and corporate clientele. The research group focuses on crude oil and natural gas commodity, debt and equity market fundamentals and how those translate into investable themes within the upstream, midstream and downstream segments. For additional information please visit the firm’s website at www.hs-energyadvisors.com
Forward-Looking Statements
All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions we made based on management's experience, perception of historical trends and technical analyses, current conditions, capital plans, drilling plans, production expectations, our ability to raise adequate additional capital, or enter into other financing arrangements to support our acquisition, development and drilling activities, anticipated future developments, and other factors believed to be appropriate and reasonable by management. When used in this release, words such as "will," “possible,” "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," "strategy," "future" or their negatives or the statements that include these words or other words that convey the uncertainty of future events or outcomes, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. 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.
Forward-looking statements are not guarantees of performance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. As a result, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. We have had sporadic and limited revenue and our securities are subject to considerable risk. Investors are cautioned to review FTXP’s filings with the Securities and Exchange Commission for a discussion of risk and other factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.