Foothills Exploration Inc (FTXP)

[Stockcaller]

Here is the BIG problem here..

"The Company needs to raise approximately $12 million to begin the initial stages of Beaver Creek East development program and is currently exploring various forms of non-dilutive project financing including joint-ventures and far"


The value they projected below we all know no longer exist because the price of oil have decreased tremendously.

"The Board is excited about this prospective exploration project, where a third-party engineering firm issued an assessment that indicates Prospective Resources of approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk). For further details, please refer to the Company’s current report filed on Form 8-K on January 17, 2020."

Good luck raising that $12m in this climate. Will be very tough to borrow money given the downturn in today's economy due to #Covid-19.

https://www.globenewswire.com/news-release/2020/01/21/1973034/0/en/FOOTHILLS-EXPLORATION-INC-PROVIDES-UPDATE-TO-ITS-SHAREHOLDERS.html