DENVER, Jan. 30, 2017 (GLOBE NEWSWIRE) — 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 gas properties in the Rockies and Gulf Coast, today announced that drilling activities have commenced on its Labokay Prospect well located in Calcasieu Parish, Louisiana.
Labokay is an amplitude versus offset (“AVO”) oil play in Southwestern Louisiana targeting the Frio Nododaria Blanpiedi Sand, a prolific regionally productive zone. The well will be drilled to a total measured depth of 8,575 feet and true vertical depth of 8,190 feet. The Company will earn 100% working interest before payout for drilling the well and Magna Operating will back in for a 20% working interest after payout.
“We are excited to begin drilling our first AVO well in this Gulf coast trend,” stated B.P. Allaire, Chief Executive Officer of Foothills. “Should we succeed with Labokay, it will validate this aspect of our business model, which focuses on low-risk drilling near proven production and utilizes lower cost reprocessed 3D seismic employing AVO technology. Once total depth is reached and we have reviewed the data we will announce our plans and timing for completion of the well.”
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 focus and expertise in acquisition and development of onshore and offshore properties. The Company’s assets are located across well-established plays in the Rocky Mountain and Gulf Coast regions. For additional information please visit the Foothills website at http://ir.foothillspetro.com/