Foothills Exploration Inc (FTXP)

[Seasighs]

Yeah… I see the Press Release that explains how the acquired a bunch of Oil and Gas Wells in Oklahoma and Arkansas..:

https://www.nasdaq.com/press-release/foothills-exploration-inc.-otc%3a-ftxp-acquires-545-well-in-kansas-and-oklahoma-2023-03

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From the Press Release linked above:

It was in January this year that Foothills completed the 100% acquisition of the Oklahoma-based limited liability company Jubilee Exploration LLC. The company owned as many as 545 shut-in oil and gas wells. These wells and leases are situated in Kansas and Oklahoma.

Earlier on in the year on January 31, 2023, the company had managed to complete the acquisition of as many as 21 shallow oil and gas wells. All of those wells are located in Comanche County in the state of Oklahoma and are spread across a total of four leases. The wells are actually stripper wells and have an average depth of 1200 feet. On February 13 Foothills announced that it would start a return-to-production initiative for these wells.

Once these wells are back in production then all the wells combined would produce 20 to 25 barrels of oil daily. At the time, it was also announced that Foothills was going to start the return to production work with immediate effect. Each well was expected to get into production capabilities systematically and it was in the week of February 20 that the wells were expected to get into production.

On January 27 this year, the company provided another key corporate update that investors ought to know about. It had announced that back on November 25 last year, it had reached a settlement agreement with its biggest institutional investors. By way of that agreement, as many as 11 convertible promissory notes were canceled and extinguished. The promissory notes had been issued by the company at different stages between the years 2018 and 2021.