FOOTHILLS EXPLORATION INC. ANNOUNCES UINTA BASIN HORIZONTAL GAS WELL DRILLING SUCCESS
February 15 2018 - 9:54AM
Foothills Exploration, Inc. (OTC.QB: FTXP) (the “Company,”
“Foothills” or “FTXP”), an independent oil and gas exploration
company engaged in the acquisition and development of oil and gas
properties in the Rockies, reported today the successful drilling,
completion and flow testing of the Stagecoach 111-20H horizontal
well, now producing natural gas in commercial quantities.
The Stagecoach 111-20H well is operated by EOG
Resources, Inc. (NYSE: EOG) and Foothills owns 21% Working Interest
in the well. The well has been online for over 30 days and
production tubing is expected to be set in the near term. The
well has been classified by the operator as Confidential with the
State of Utah Division of Oil, Gas and Mining, and consequently
only limited data can be provided.
"We are excited about the Stagecoach drilling
results. This successful horizontal well will quickly
generate production and cash flow, which is expected to payout
within 30 months,” stated Kevin Sylla, the Company’s Executive
Chairman. “Foothills will continue to look for additional
non-operated positions and drilling interests with other
world-class operators to complement our continuing focus of
acquiring producing oil and gas properties in the Rockies,”
continued Sylla.
“In addition to diversifying the Company’s oil
and gas assets, we believe natural gas market fundamentals have
improved materially over the last 12-months, driven by record
exports to Mexico and foreign sales of LNG, coupled with a strong
heating season that has storage levels well below the 5-year
average,” stated Chris Jarvis, the Company’s Executive Vice
President of Finance. “These conditions bode well for natural
gas prices to remain firm over the near-term and throughout the
rest of 2018,” continued Jarvis.
About the Company
Foothills Exploration, Inc. (FTXP), based in
Denver, Colorado, is a growth stage oil and gas exploration and
production (E&P) company 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.
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.
Investor Contact
Christopher Jarvis
(720) 449-7478
ir@foothillspetro.com
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