DENVER, Oct. 18, 2017 (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, today announced the acquisition of 21% working interest in two horizontal gas wells in the Uinta Basin from an undisclosed party. Both wells will be operated by EOG Resources. The Stagecoach 111-20H was spudded on September 15, 2017, and is currently still drilling and the second well was recently spudded. Both wells have been classified as confidential with the State of Utah Division of Oil, Gas and Mining.
“These wells fit with our overall growth strategy for the basin, providing us with the ability to gain insight from a world class operator,” commented Kevin J. Sylla, the Company’s Executive Chairman. “As consistent with our business model, we will continue to aggressively pursue additional opportunities in the Uinta Basin, whether in the form of acquisitions or joint ventures,” added Sylla. “We believe natural gas fundamentals have improved significantly over the course of the year, providing a bullish outlook for natural gas prices heading into the remainder of the year and into 2018, stated Christopher Jarvis, the Company’s Executive Vice President of Finance. This acquisition provides us with the opportunity to participate in a rising natural gas price environment as well as diversify the company’s current portfolio of oil assets,” added Jarvis.
Drilling activities are inherently speculative and no assurance can be given that these wells will result in commercial production of gas or other hydrocarbons.
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 a focus in the acquisition and development of undervalued and underdeveloped properties. The Company’s assets are located across well-established plays in the Rocky Mountain region. For additional information please visit the Company’s website at www.foothillspetro.com.