FOOTHILLS EXPLORATION, INC. CLOSES ACQUISITION OF OIL AND GAS LEASES TOTALING OVER 16,000 ACRES IN WYOMING’S WIND RIVER BASIN
03/29/2019
LOS ANGELES, March 29, 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 closed on the acquisition of undeveloped oil and gas leases from an affiliate of American Shale Energy, LLC, as previously announced in the Company’s press release dated March 25, 2019. The acreage is located in Fremont County, Wyoming, in the Wind River Basin.
This acreage acquisition provides Foothills with substantial upside in the form of attractive exploration and development projects targeting multiple formations across 16,387 acres of predominantly continuous oil and gas leases.
In 2018, a U.S. Geological Survey (“USGS”) petroleum assessment determined that there were an estimated 528 million barrels of oil, 2 trillion cubic feet of gas and 40 million barrels of natural gas liquids of undiscovered resources of the Niobrara Interval of the Cody Shale of the Wind River Basin Province, Wyoming.
The Company plans to retain a third-party engineering firm to perform a comprehensive geological and geophysical analysis of the acreage to quantify possible and contingent reserves for this developmental acreage.
“We believe this transaction aligns with our corporate strategy of building an inventory of assets that can potentially produce out-sized investment returns and provides us the opportunity to build long-term shareholder value,” said Kevin Sylla, the Company’s Executive Chairman.
Foothills’ acreage is located in a 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.
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.
