DENVER, Dec. 13, 2016 (GLOBE NEWSWIRE) — Foothills Exploration, Inc. (OTC.QB:FTXP) (the “Company” or “FTXP”), an independent oil and gas exploration company engaged in the acquisition and development of oil and gas properties in the Rockies and Gulf Coast, announced today that it has reached total depth of 4,500 feet at the Paw Paw Federal # 1 test well in Big Horn County, Wyoming. Drilling operations commenced on December 1st and as of December 11th, principal field operations for the test well were completed.
The Big Horn County Wyoming test well reached total depth in the Madison Formation and FTXP has successfully logged and acquired valid data to further evaluate project potential. The Company’s technical team and consulting geological firm, Geopinion® Inc., are meeting with Koch Exploration Company, LLC to evaluate test well results and further interpret 3D seismic to identify favorable potential future locations for possible commercial wells. The test well is to be temporarily abandoned while the parties continue to analyze results during the evaluation stage.
The test well reached total depth in the Madison Formation after drilling an anticipated stratigraphic section and thrust fault. Oil shows were found in the Muddy, Phosphoria, and Madison formations. The Phosphoria is a regionally productive formation and could end up being the secondary zone in sidetrack operations should that type operation be deemed commercially economic. Upon evaluation of the test well’s seismic structural position and analysis of modern well log data, the technical team will determine whether a successful sidetrack operation is likely to yield commercial oil reserves from the Tensleep and any other sands with oil shows and if the test well, which is temporarily abandoned, should be considered for re-entry.
“The Paw Paw Federal #1 test well supplies us with a new control well providing subsurface structural data and other formation drilling information to move forward with our development of the Paw Paw project. Our technical staff will analyze this data to gain a more comprehensive understanding of the subsurface reservoir environment and more importantly the thrust fault structural geometry,” commented B.P. Allaire, Chief Executive Officer. No assurance can be given that these precise efforts by our experienced technical team and our further development efforts of the prospect, including further drilling activity in 2017, will yield a commercially successful well.
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 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.