LOS ANGELES – February 13, 2023 (Investorideas.com Newswire) Breaking oil and fuel inventory information – Foothills Exploration, Inc (OTC: FTXP), together with its direct and oblique subsidiaries, (“Foothills,” or the “Firm”), an oil and fuel exploration firm targeted on delivering the power wants of at the moment and tomorrow, is happy to announce that it has acquired sure leases and wells situated in Comanche County, Oklahoma.
Oklahoma Oil and Fuel Properties
On January 31, 2023, the Firm closed on the acquisition of twenty-one (21) shallow oil and fuel wells, all situated in Comanche County, Oklahoma, located throughout 4 leases. These stripper wells have a mean depth of 1,200 toes and primarily produce from the Granite Wash formation.
The Firm’s return-to-production program on these properties will include cleansing out current wellbores, facility upkeep, electrical work and flowline restore work, which is anticipated to ship collective manufacturing charges of 20-25 barrels of oil per day for all wells.
Return-to-production operations are scheduled to start instantly and every effectively is anticipated to return to manufacturing systematically, with new manufacturing projected to start coming on-line someday through the week of February twentieth. Based mostly on baseline projections and $75 oil costs, the Firm expects to generate approximate revenues of $432,000 (after royalties however earlier than subject bills) from these properties over the following 12 months. WHZ Oil & Fuel, LLC, an oblique subsidiary of the Firm will function the properties.
The Firm is presently evaluating a number of extra oil-weighted properties within the space for potential bolt-on acquisitions. The Firm additionally executed two extra agreements for sure asset acquisitions in Kansas and Oklahoma, which can considerably add to the Firm’s complete effectively stock and reserves.
Audit / Compliance Replace
The Firm’s accounting workforce and auditors, RBSM, LLP, a PCAOB-registered accounting agency, proceed to work by way of the auditing course of and are presently targeted on finishing audits and assessment of economic statements up by way of the interval ending December 31, 2022. In the meantime, the Firm is up-to-date with all of its required monetary various report filings and is OTC Pink present. The Firm expects to announce additional particulars on timing with ahead steering relating to recently-completed synergistic asset acquisitions within the coming weeks.
In regards to the Firm
Foothills Exploration, Inc. (FTXP), is an oil and fuel exploration and improvement firm targeted on delivering the power wants of at the moment and tomorrow. The Firm’s technique is to construct a balanced portfolio of belongings by way of two core initiatives. The primary initiative is to generate high-impact oil and fuel exploration tasks. The second is to put money into hydrogen and geothermal tasks for a low carbon future by way of its New Vitality Ventures division by figuring out areas the place the Firm can contribute to a viable, practical, and balanced future power combine. For added data please go to the Firm’s web site at www.foothillspetro.com.
Ahead-Wanting Statements
All statements, aside from statements of historic information, included on this launch that deal with actions, occasions or developments that we anticipate, imagine or anticipate will or could happen sooner or later are forward-looking statements. These statements are primarily based on sure assumptions we made primarily based on administration’s expertise, notion of historic tendencies and technical analyses, present circumstances, capital plans, drilling plans, manufacturing expectations, our potential to boost enough extra capital, or enter into different financing preparations to assist our acquisition, improvement and drilling actions, anticipated future developments, and different elements believed to be acceptable and affordable by administration. When used on this launch, phrases akin to “will,” “doable,” “potential,” “imagine,” “estimate,” “intend,” “anticipate,” “could,” “ought to,” “anticipate,” “might,” “plan,” “predict,” “venture,” “profile,” “mannequin,” “technique,” “future” or their negatives or the statements that embody these phrases or different phrases that convey the uncertainty of future occasions or outcomes, are supposed to determine forward-looking statements, though not all forward-looking statements comprise such figuring out phrases. Particularly, statements, categorical or implied, regarding our future working outcomes and returns or our potential to amass or develop confirmed or possible reserves, our potential to exchange or enhance reserves, enhance manufacturing, or generate revenue or money flows are forward-looking statements.
Ahead-looking statements are usually not ensures of efficiency. Such statements are topic to numerous assumptions, dangers and uncertainties, lots of that are past our management. Whereas forward-looking statements are primarily based on assumptions and analyses made by us that we imagine to be affordable beneath the circumstances, whether or not precise outcomes and developments will meet our expectations and predictions rely on numerous dangers and uncertainties which might trigger our precise outcomes, efficiency, and monetary situation to vary materially from our expectations. Consequently, no assurance may be on condition that these assumptions are correct or that any of those expectations shall be achieved (in full or in any respect) or will show to have been appropriate. We now have had sporadic and restricted income and our securities are topic to appreciable danger. Buyers are cautioned to assessment FTXP’s filings with the Securities and Trade Fee for a dialogue of danger and different elements that have an effect on our enterprise. Any forward-looking assertion made by us on this information launch speaks solely as of the date on which it’s made. Components or occasions that would trigger our precise outcomes to vary could emerge now and again, and it’s not doable for us to foretell all of them. We undertake no obligation to publicly replace any forward-looking assertion, whether or not on account of new data, future improvement or in any other case, besides as could also be required by legislation. The Firm intends that every one forward-looking statements be topic to the safe-harbor provisions of the Personal Securities Litigation Reform Act of 1995.
Investor Contact
Christopher Jarvis
EVP of Finance
(800) 204-5510
ir@foothillspetro.com
Paid Information -Disclaimer/Disclosure: Investorideas.com is a digital writer of third social gathering sourced information, articles and fairness analysis in addition to creates unique content material, together with video, interviews and articles. Authentic content material created by investorideas is protected by copyright legal guidelines aside from syndication rights. Our web site doesn’t make suggestions for purchases or sale of shares, companies or merchandise. Nothing on our websites ought to be construed as a proposal or solicitation to purchase or promote merchandise or securities. All funding entails danger and doable lack of funding. This web site is presently compensated for information publication and distribution, social media and advertising and marketing, content material creation and extra. Contact every firm immediately relating to content material and press launch questions. Disclosure is posted for every compensated information launch, content material revealed /created if required however in any other case the information was not compensated for and was revealed for the only curiosity of our readers and followers. Disclosure: this information launch that includes FTXP is a paid for information launch on Investorideas.com Extra disclaimer data: https://www.investorideas.com/About/Disclaimer.asp Study extra about publishing your information launch and our different information companies on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Please learn Investorideas.com privateness coverage: https://www.investorideas.com/About/Private_Policy.asp
About Investorideas.com
https://www.investorideas.com/About/
Join free inventory information alerts at Investorideas.com
https://www.investorideas.com/Resources/Newsletter.asp
