LOS ANGELES, CA, May 16, 2022 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTC: FTXP) ("Foothills" or the "Company"), an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow is pleased to announce an update on its joint venture with Perspectum Drone Inspection Services, Ltd. (“Perspectum”).
Natural hydrogen exploration is gaining momentum globally as demand for low-cost carbon-free hydrogen continues to grow exponentially. For example, in the state of South Australia, since February 2021, a total of 18 exploration licenses have been granted or applied for by six different companies searching for natural hydrogen on lands covering about one-third of the state. The Company plans to start marketing the joint venture’s drone reconnaissance services for the delineation of the lands contained in these 18 exploration concessions. The Company, through its joint venture, also plans to begin unmanned aerial surveys over the lands in the White Lightning Prospect through its participation agreement with Pristine Energy, Inc.
Update on Joint Venture with Perspectum
HHe Exploration Technologies, Ltd. (the “Joint Venture,” the “JV,” or “HHe”) has integrated its hydrogen sensor with its Unmanned Aerial Vehicle (“UAV”) and it has been test flown to evaluate the navigational and stability performance of the platform. Field testing under optimum conditions is being pursued but to date HHe has experienced unusually cold and snowy spring weather conditions at its test site. HHe expects to be in the field testing the sensor detection and mapping software in the coming days.
HHe believes the combination of optical gas imaging and ambient air analysis provides a novel solution for identifying hydrogen in the most minute volumes and concentrations. Additionally, a collaboration with a research and technology industry partner is allowing the joint venture to evaluate next generation UAVs, which will have heavier payload capacity, extended flight times and fully autonomous navigation capabilities. These evolved platforms will allow multi-sensor array capabilities of existing and futuristic technologies resulting in the acquisition of the most advanced data possible.
“We are very pleased with our progress to date pertaining to the development of our purpose-built UAV platform,” said Ty Pfeifer, President of HHe “With the accelerated demand for our services, we continue to evaluate innovative technologies, which will keep us at the forefront of hydrogen and helium detection” continued Pfeifer. “In addition to our ongoing assessment of new sensor technologies, we also understand the requirement for more sophisticated UAVs and have an ongoing collaboration with one of Canada’s most advanced technical institutes in regards to this matter,” ended Pfeifer.
About Natural Hydrogen
The field of natural (or “gold/white”) hydrogen exploration has recently emerged on the international stage as a potentially viable alternative hydrogen production method with costs projected to be significantly lower than steam methane reforming (“grey hydrogen”) and electrolysis using renewable energy (“green hydrogen”). Natural hydrogen is clean and carbon-free with production costs estimated to be about $0.75 per kilogram, which is about 1/8th the current cost of producing green hydrogen.
Hydrogen is also gaining unprecedented economic and political momentum globally as an alternative net-zero energy vector and a complement to the ‘electrify everything’ movement. Bank of America forecasts that the hydrogen industry is at a tipping point and headed to $11 trillion, with hydrogen production projected to see a 5,000% increase by 2026. Global demand for clean and green energy continues to increase rapidly, coupled with the need to optimize production, and minimize greenhouse gas emissions.
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 OTC Markets 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. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor Contact
Christopher Jarvis
EVP of Finance
(800) 204-5510
ir@foothillspetro.com
