DENVER, Feb. 14, 2017 (GLOBE NEWSWIRE) — Foothills Exploration, Inc. (OTCQB:FTXP) (the “Company” or “Foothills”), 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 the Company has reached total depth in its Labokay Prospect well located in Calcasieu Parish, Louisiana. The well was drilled to a total measured depth of 8,795 feet where hydrocarbons shows were present, but not in commercial quantities to warrant completion. The well will be plugged and abandoned as required. The Company estimates well costs for the Labokay at ~$1.1 MM including plugging and abandonment liability.
“After encountering hydrocarbon pay in non-commercial quantities, we have decided to plug and abandon the Labokay well,” stated B.P. Allaire, CEO of Foothills Exploration. “We are disappointed by these results, but will continue to focus on low cost high impact opportunities in the Gulf Coast region and also continue to evaluate prospective acquisitions of producing properties with upside development potential in the Rockies.”
About the Company
Foothills Exploration, Inc. (OTCQB: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/