Current Report Filing (8-k)
May 17 2017 - 5:18PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): May 11, 2017
FOOTHILLS
EXPLORATION, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State
or Other Jurisdiction of Incorporation)
333-190836
|
|
27-3439423
|
(Commission
File Number)
|
|
(IRS
Employer Identification No.)
|
633
17
th
Street, Suite 1700-A
Denver,
Colorado 80202
(Address
of Principal Executive Offices)
(720)
449-7478
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01. Entry into a Material Definitive Agreement
On
May 11, 2017, Foothills Exploration, Inc. (the “Company”), announced that it had entered into a purchase and sale
agreement, with an undisclosed seller, to acquire certain Utah and Colorado oil and gas assets that following acquisition will
bolster the Company’s holdings to over 100,000 acres in the Rockies.
Under
this agreement, the Company will:
|
●
|
acquire
67,330 gross acres (49,600 net acres) held by production,
|
|
●
|
obtain
85 total wells, of which 31 are actively producing, and 54 are shut-in,
|
|
●
|
operate
66 of these wells, while 19 of these wells will be non-operated.
|
This
acquisition, anticipated to close by or before June 30, 2017, is expected to deliver immediate revenue.
Closing of the transaction is subject to traditional representations, warranties, covenants and adjustments including, but not
limited to lien releases, cures of any defective title matters, satisfaction of leases and amendments thereto, as well as certain
adjustments for pre-closing expenditures and oil in storage, along with receipt of any required government consents, among other
matters. No assurance can be given that the transaction will close on the terms provided or at all.
Item
8.01 Other Items
On
May 11, 2017, the Company issued a press release announcing the purchase and sale transaction. A copy of the press release entitled
“Foothills Exploration, Inc. Announces Acquisition of Uinta-Piceance Basin Assets Bolstering Current Acreage Position to
Over 100,000 Acres in the Rockies” is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
No.
|
|
Description
|
99.1
|
|
Press
Release issued by the registrant on May 11, 2017.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date:
May 17, 2017.
FOOTHILLS
EXPLORATION, INC.
/s/ B. P. Allaire
|
|
By:
|
B.
P. Allaire
|
|
Chief Executive Officer
|
|
Foothills Exploration (PK) (USOTC:FTXP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Foothills Exploration (PK) (USOTC:FTXP)
Historical Stock Chart
From Apr 2023 to Apr 2024