LOS ANGELES, CA, Dec. 07, 2021 (GLOBE NEWSWIRE) — Foothills Exploration, Inc. (OTC: FTXP) (“Foothills” or the “Company”), an oil and gas assay and development aggregation focused on carrying the activity needs of today and tomorrow is admiring to advertise an amend on the Company’s Wind River Basin project.
“Management and our abstruse aggregation were admiring to see the after-effects from our geochemical assay crop such absolute results, said Kevin J. Sylla, the Company’s Executive Chairman. “This encourages and validates our position to abide our assay affairs in the Wind River basin,” connected Sylla. “The abutting footfall of the action is to activate staking wells for the conduct affairs and complete our ecology survey,” concluded Kevin Sylla.
Denver based abstruse close Geochemical Insight accomplished an all-encompassing clay hydrocarbon geochemical assay over 18,000 acreage in Fremont County, Wyoming, on the Foothills Wind River project. The two-part appraisal and assay pinpointed six (6) areas of basic absorption breadth micro seepages were axiomatic and connected for added geological curve and assay aural the leasehold.
Geochemical Assay Phase II Update:
Final after-effects accustomed from Phase II of the Synchronous Scanned Fluorescence (SSF) geochemistry sample assay acutely announce that micro seeps are advancing from a subsurface antecedent and are not the aftereffect of anthropogenic contamination. Highlighted beneath are the abstracts accomplished by Geochemical Insight on the Beaver Creek East (“BCE”) geochemistry survey:
The ExxonMobil 2D seismic accountant band has been initially interpreted by the Company’s geophysicist/geologist architect and is beneath added analysis by the its geologist/exploration team. The seismic abstracts has revealed, articular and provided the subsurface alternation to the Wyoming Geological Survey’s cantankerous breadth mapped above the leasehold acreage from “Beaver Creek” acreage east, above the accepted “Big Sand Draw Anticline” faults and added east above the advance faulted “Alkaline Butte” field. New agenda wellbore ties to the seismic band provided acoustical alternation to Sonic logs and accumulation top picks from logs. This aboveboard alternation essentially supports the structural model, the antecedent obligation able-bodied pad location, and the authoritativeness to abutment proceeding with the APD, BLM Unitization action and predrilling Master Plan of Development of the accumbent Frontier Accumulation “resource play.”
Wind River Basin Beaver Creek East Prospect
The Aggregation is developing a 18,572-acre multi-stacked pay activity in Fremont County, Wyoming, which is awful -to-be for oil and accustomed gas. A third-party engineering abode of the Company’s absorption in 16,387 acreage amid in the Wind River Basin, Wyoming, accepted as the Beaver Creek East Project, indicates -to-be assets of about 21 actor barrels of alien oil and 37 billion cubic anxiety of accustomed gas, with a PV-10 amount of $372 actor (after risk), from vertical wells. It should additionally be acclaimed that abeyant alien assets of the Niobrara Interval of the Cody Shale and Mowry Shale of the Wind River Basin Province estimated by the U.S. Geological Assay (“USGS”) in its 2018 and 2020 petroleum assessments accept not been included in the aloft -to-be assets bread-and-butter summary.
The Northern allocation of the Company’s anticipation acreage is amid aural the breadth surveyed by the U.S. Geological Assay (“USGS”) in 2018 for petroleum assessment, which bent that there were an estimated 528 actor barrels of oil, 2 abundance cubic anxiety of gas and 40 actor barrels of accustomed gas liquids of alien assets of the Niobrara Interval of the Cody Shale of the Wind River Basin Province, Wyoming.
In 2020, the USGS quantitatively adjourned the abeyant for undiscovered, technically recoverable, connected (unconventional) oil and gas assets in the Cretaceous Mowry shale in the Wind River Basin Province, Wyoming. This estimated undiscovered, technically recoverable beggarly assets of 288 actor barrels of oil and 2.6 abundance cubic anxiety of gas in the Mowry Shale abacus to the adeptness abeyant in the Wind River Basin Province, Wyoming.
Foothills’ acreage is amid in a ample undrilled breadth forth the eastern abut of a added sub basin in the Wind River Basin proper, breadth a abysmal structural drop alleged the Beaver Creek acreage has produced about 73.3 actor barrels of oil and 934,781,606 MCF of gas. The Big Sand Draw field, updip to the south, has produced 62.0 actor barrels of oil and 256,678,537 MCF of gas from multi-pay horizons. These are about in the Frontier, Muddy, Dakota, Lakota, Morrison, Phosphoria, Tensleep and Madison formations.
About Geochemical Insight
Geochemical Insight is a Colorado-based aggregation that turns multi-component geochemical abstracts into advice chip with geological and geophysical abstracts to abate accident in petroleum, helium, hydrogen and mineral exploration. Geochemical Insight has designed, implemented and interpreted geochemical assay surveys for the petroleum and mining industries back 2007. Emphasis is placed on bond apparent seeps with backlog fluids application argumentative geochemical accoutrement with the ultimate ambition of abbreviation assay risk. They are apprenticed by audience to help:
About Foothills Exploration, Inc.
Foothills Exploration, Inc. (“FTXP” or the “Company”), is an oil and gas assay and development aggregation focused on carrying the activity needs of today and tomorrow. The Company’s action is to body a counterbalanced portfolio of assets through two amount initiatives. The aboriginal action is to accomplish high-impact oil and gas assay projects. The added is to advance in hydrogen and geothermal projects for a low carbon approaching through its New Activity Ventures analysis by anecdotic areas breadth the Aggregation can accord to a viable, realistic, and counterbalanced approaching activity mix. For added advice amuse appointment the Company’s website at www.foothillspetro.com.
All statements, added than statements of absolute facts, included in this absolution that abode activities, contest or developments that we expect, accept or ahead will or may action in the approaching are advanced statements. These statements are based on assertive assumptions we fabricated based on management’s experience, acumen of absolute trends and abstruse analyses, accepted conditions, basic plans, conduct plans, assembly expectations, our adeptness to accession able added capital, or access into added costs arrange to abutment our acquisition, development and conduct activities, advancing approaching developments, and added factors believed to be adapted and reasonable by management. When acclimated in this release, words such as “will,” “possible,” “potential,” “believe,” “estimate,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,” “project,” “profile,” “model,” “strategy,” “future” or their negatives or the statements that accommodate these words or added words that back the ambiguity of approaching contest or outcomes, are advised to analyze advanced statements, although not all advanced statements accommodate such anecdotic words. In particular, statements, authentic or implied, apropos our approaching operating after-effects and allotment or our adeptness to access or advance authentic or apparent reserves, our adeptness to alter or access reserves, access production, or accomplish assets or banknote flows are advanced statements.
Forward-looking statements are not guarantees of performance. Such statements are accountable to a cardinal of assumptions, risks and uncertainties, abounding of which are above our control. While advanced statements are based on assumptions and analyses fabricated by us that we accept to be reasonable beneath the circumstances, whether absolute after-effects and developments will accommodated our expectations and predictions depend on a cardinal of risks and uncertainties which could account our absolute results, performance, and banking action to alter materially from our expectations. As a result, no affirmation can be accustomed that these assumptions are authentic or that any of these expectations will be accomplished (in abounding or at all) or will prove to accept been correct. We accept had desultory and bound acquirement and our balance are accountable to ample risk. Investors are cautioned to analysis FTXP’s filings with the OTC Markets for a altercation of accident and added factors that affect our business. Any advanced account fabricated by us in this account absolution speaks alone as of the date on which it is made. Factors or contest that could account our absolute after-effects to alter may appear from time to time, and it is not accessible for us to adumbrate all of them. We undertake no obligation to about amend any advanced statement, whether as a aftereffect of new information, approaching development or otherwise, except as may be appropriate by law. The Aggregation intends that all advanced statements be accountable to the safe-harbor accoutrement of the Private Balance Litigation Reform Act of 1995.
Christopher JarvisEVP of Finance(800) [email protected]
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