LOS ANGELES, March 08, 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 completed the acquisition of upstream assets located in the Greater Green River Basin from an undisclosed seller. The acquired assets are located in Wyoming and include 22 natural gas wells situated on approximately 18,214 gross acres with current net production of approximately 907 Mcfd. The acquisition is expected to deliver over $1 million per year in projected gross revenue (before royalties and marketing).
Key attributes of the acquisition include:
- the addition of 18,214 gross acres in the Greater Green River Basin, over 78% held by production
- meaningful opportunities for field-wide well optimization
- long life conventional gas asset with significant proven, probable and possible reserves
- behind pipe opportunities both in the Fluvial and Marine sections of Frontier formation
- future upside development opportunities from large undeveloped acreage position
“We are pleased to acquire these assets, which include both stable, existing production and a substantial amount of attractive undeveloped acreage,” said Kevin Sylla, Executive Chairman of Foothills. “This transaction is consistent with our strategy of building a company with sustainable scale in the Rockies. We continue to evaluate additional opportunities in natural gas that fit our investment thesis to grow our footprint further,” continued Sylla.
The transfer of title of the assets is pending customary BLM transfer process, but the Company will begin managing and operating the assets immediately.
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. For additional information please visit the Company’s website at www.foothillspetro.com.