LOS ANGELES, March 25, 2019 (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 natural gas properties in the Rockies today announced that it has executed a memorandum of understanding for the acquisition of approximately 16,387 net acres of undeveloped oil and gas leases in the Wind River Basin in Wyoming.
“We look forward to closing on our second transaction this year, which following acquisition will complement our existing portfolio,” stated Kevin Sylla, Executive Chairman of Foothills.” “This intended acquisition will add to our exploration inventory and provide us with prized high impact drilling projects for the future. The near-term focus is on the geological and geographical delineation of this large continuous position.”
The Wind River Basin contains over 60 large oil and gas fields producing from 17 different geological formations. The leases are located in Fremont County, Wyoming. The Paleozoic aged section is the primary objective, and the Phosphoria, Tensleep, Madison and Flathead Formations of the Paleozoic have yielded significant oil production in a number of regional fields down dip to the west, updip to the south and along structural trends farther to the west-northwest.
Foothills’ acreage is located in this large undrilled area and is along the eastern flank of a deeper sub basin in the Wind River Basin proper, where a deep structural deposit called the Beaver Creek field has produced approximately 71.7 million barrels of oil and 906,473,338 MCF of gas. The Big Sand Draw field, updip to the south, has produced some 60.8 million barrels of oil and 214,923,203 MCF of gas from multi-pay horizons generally in the Frontier, Muddy, Lakota, Morrison, Phosphoria, Tensleep and Madison formations.
We currently expect this transaction to close on or about March 28, 2019, subject to the completion of the Company’s due diligence.
About the Company
Foothills Exploration, Inc. is a growth stage oil and gas exploration and production (E&P) company with a focus on 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. For additional information please visit the Company’s website at www.foothillspetro.com.