LOS ANGELES, May 23, 2019 (GLOBE NEWSWIRE) — Foothills Exploration, Inc. (OTC.QB: FTXP), including its direct and indirect subsidiaries, (“Foothills,” or the “Company”), an independent oil and gas exploration company engaged in the acquisition and development of natural gas and oil properties in the Rockies today released an annual and first quarter review of its financial performance for the year-ending December 31, 2018 and for the three months ended March 31, 2019.
- Foothills reported a 36% increase in revenue to $996,819 during the three months ended March 31, 2019 (“1Q19”), compared to $728,230 for the three months ended March 31, 2018 (“1Q18”).
- Foothills reported a 34% decrease in losses from operations of $382,789 during 1Q19, compared to $584,425 for 1Q18.
Please see Quarterly Report on Form 10-Q filed with the SEC on May 20, 2019.
End of Year Highlights:
- Foothills reported a 1,556% increase in gross revenues to $2,567,438 during the twelve months ending December 31, 2018 (“2018 Fiscal”), compared to $155,161 for the twelve months ending December 31, 2017 (“2017 Fiscal”).
- Foothills reported a 2,667% increase in net oil and gas production to 398.59 BOE/d during 2018 Fiscal, compared to 14.41 BOE/d for 2017 Fiscal. (~98% natural gas-weighted)
- Total operating expenses increased by 30% to $7,276,806 during 2018 Fiscal compared to $5,602,820 during 2017 Fiscal. This includes $2,908,783 for non-cash items of depletion, depreciation, amortization, accretion, and impairment expense.
Foothills is actively working to retire or consolidate its convertible debt and clean up its balance sheet.
Please see 2018 Annual Report on Form 10-K filed with the SEC on April 16, 2019.
Oil and Gas Reserves:
The Company received an independent third-party reserve and economic evaluation of its oil and gas properties from Chapman Engineering, Ltd., which estimated the following at 2018 Fiscal year-end:
- Total Proved Developed Producing (PDP) PV-10 $1.8MM (after tax)
- Total Proved Undeveloped Producing (PUD) PV-10 $45,805MM (after tax)
Foothills’ Executive Chairman, Kevin Sylla, commented, “While we are pleased to report that our 2018 fiscal year and first quarter 2019 results represent a significant improvement over the prior year, we believe that we are on course to grow and improve our performance in the balance of 2019. We continue to seek out acquisitions, which are accretive to earnings and which can add to our development inventory. We believe there is tremendous opportunity to continue acquiring high quality assets with long lived reserves in the Rockies at attractive valuations. The Company’s current strategic initiatives are focused on improving the health of our balance sheet, increasing operational efficiencies, and growing the production profile, which we have demonstrated over the last 12 months we are capable of executing,” concluded Sylla.
About the Company
Foothills Exploration, Inc. 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 in the Rockies. The Company’s principal assets are located across well-established plays in the U.S. Rocky Mountain region. Foothills’ strategy is to build a balanced portfolio of E&P assets through two core initiatives. The first is to actively focus on acquiring dislocated and under-exploited production and development properties then maximizing those assets to create shareholder value. The Company’s second initiative is to generate high-impact oil and gas exploration projects. For additional information please visit the Company’s website at www.foothillspetro.com.