DENVER, Feb. 28, 2018 (GLOBE NEWSWIRE) — Foothills Exploration, Inc. (OTC.QB: 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, is pleased to provide this update on the successful drilling, completion and flow testing of the Stagecoach 117-20H well that produces commercial quantities of natural gas.
The Stagecoach 117-20H is the second well drilled and operated by EOG Resources (NYSE: EOG) in which Foothills owns a 21% working interest. The well has been online for over 60 days producing natural gas. The well has been classified by EOG Resources as confidential with the State of Utah Division of Oil, Gas and Mining, therefore limited data can be provided.
“The Company is thrilled with the successes of the 117-20H and the previously reported 111-20H wells,” said Kevin Sylla, the Company’s Executive Chairman. “The Company will continue seeking additional opportunities to complement its position in the Uinta Basin with acquisitions of non-operated interests, oil and gas leases, and operated properties,” added Sylla. “The Company’s focus in 2018 is to build upon the current momentum and to acquire assets with low operating costs, existing cash flows, long lived reserves, and with deep drilling inventory,” continued Sylla.
The Company has engaged HS Energy Advisors, LLC (“HS Energy”), as its non-exclusive placement agent and advisor to assist in funding its projects in the Uinta Basin and Foothills’ overall effort to secure $50 million in growth capital to fund the Company’s next stage of growth. The Company, along with its advisor, HS Energy, are evaluating a wide range of financing options, and particularly non-dilutive alternatives such as debt, project level financing and joint ventures.
About the Company
Foothills Exploration, Inc. is a growth stage oil and gas exploration and production (E&P) company based in Denver, Colorado with a focus in the acquisition and development of undervalued and underdeveloped properties in the Rockies. The Company’s principal 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.
About HS Energy Advisors, LLC
HS Energy Advisors is an independent research and advisory firm within the energy sector serving institutional investors, family offices and corporate clientele. The research group focuses on crude oil and natural gas commodity, debt and equity market fundamentals and how those translate into investable themes within the upstream, midstream and downstream segments. For additional information please visit the firm’s website at www.hs-energyadvisors.com