DENVER, CO–(Marketwired – October 05, 2016) – Foothills Exploration, Inc. (OTCQB: FTXP) (the “Company” or “FTXP”), an independent oil and gas exploration company engaged in the acquisition and development of oil and natural gas properties in the Rockies and Gulf Coast, announced today the formal launch of its Exploration Division and opening of a new office to support division staff in Houston, Texas.
“The Company’s Exploration Division seeks to build a portfolio of world class exploration projects in the Gulf coast region both onshore and offshore to complement our activities in the Rockies,” said B.P. Allaire, Chief Executive Officer of the Company. “Our recent hires, Ritchie Lanclos, Executive Vice President of Exploration and Eleazar Ovalle, Executive Vice President of Geology & Geophysical, will be the senior officers heading this new division,” explained Mr. Allaire “and through their applied expertise we intend to increase our capabilities in identifying and developing oil and gas resources in the Gulf Coast,” he added.
The executives leading the Company’s Exploration Division are industry recognized experts who have developed a proprietary exploration methodology based on leading edge technology, which the Company believes may mitigate geologic risk and can deliver high impact, high reward exploration prospects. This proprietary approach involves an algorithm based model that employs AVO seismic expertise, sub-salt modeling techniques and the analysis of hydrocarbon migration pathways to super charged oil accumulations and proven petroleum systems.
The Division’s executive management team has made prolific discoveries both onshore and offshore, and has expertise in the commercial exploration and development evaluations in sub-salt deepwater Gulf of Mexico, the application of economic risk modeling and extensive knowledge of regional geologic trend analogs applied to salt modeling.
About the Company
FTXP, through its wholly owned subsidiary Foothills Petroleum, Inc., a Nevada corporation (“Foothills”), is an early stage, independent oil and gas exploration and development company engaged in the acquisition and development of oil and natural gas properties in the Rockies and Gulf Coast. Foothills intends to acquire dislocated and underdeveloped oil and gas assets and seeks to maximize those assets to create shareholder value. Foothills maintains its principal executive office in Denver, Colorado.