LOS ANGELES, Oct. 27, 2021 (GLOBE NEWSWIRE) – Foothills Exploration, Inc. (FTXP), including its direct and indirect subsidiaries, (âFoothillsâ or the âCompanyâ), an oil and gas exploration company, is pleased to announce that it has entered into a participation agreement with an operator in the Illinois basin.
The Company, through its direct subsidiary, Anaconda Energy, LLC, has entered into a participation agreement with Benchmark Properties, Ltd. to develop the Ste Marie West Prospect in Jasper County, Illinois, and to acquire fifty percent (50%) interest in Sears-Houser No. 4 well in exchange for payment of fifty percent (50%) of the total costs recovery and restoration of the well in question with the objective of putting it back into service in the Aux Vase sand (2 719-2 730). The parties have also identified a multi-stacked payout location on Ste Marie Prospect to drill to 3,500 feet with the primary target of McClosky Limestone.
âWe look forward to working with our partner to identify further replenishment and field drilling opportunities in the basin,â said Alex Hemb, CEO of Anaconda Energy, LLC and Director of Foothills Exploration, Inc.
This partnership will utilize the talents of a petroleum geologist with over 40 years of experience in mining and exploration in the Illinois Basin. Additionally, Benchmark Properties, Ltd. has successfully drilled and operated oil leases in the Illinois Basin since 1995.
âA key platform of our Illinois Basin strategy is to identify inactive wells that can be brought back into production at minimal cost,â Hemb said. âWe are actively looking for redesign and refurbishment candidates who meet these criteria,â Hemb continued.
The Illinois Basin began commercial oil production in 1905 and the Clay City Consolidated field where the St. Marie prospect is located has produced over 363 million barrels of oil (MMBO) since 1932. There are approximately 32,100 wells oil and gas production wells, 10,500 Class II injection wells and 1,750 gas storage wells in Illinois.
About the company
Foothills Exploration, Inc. (âFTXPâ or the âCompanyâ), is an oil and gas exploration and development company focused on meeting the energy needs of today and tomorrow. The Company’s strategy is to build a balanced portfolio of assets through two main initiatives. The first initiative is to generate high impact oil and gas exploration projects. The second is to invest in hydrogen and geothermal projects for a low-carbon future through its New Energy Ventures division by identifying areas where the Company can contribute to a viable, realistic and balanced future energy mix. For more information, please visit the Company’s website at www.foothillspetro.com.
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Forward-looking statements are not guarantees of performance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Although forward-looking statements are based on assumptions and analyzes that we have made and that we believe are reasonable under the circumstances, the question of whether actual results and developments will meet our expectations and predictions depends on a number of risks. and uncertainties that could cause our actual results, performance and financial position to differ materially from our expectations. Accordingly, no assurance can be given that these assumptions are correct or that any of these expectations will be fulfilled (all or not at all) or turn out to have been correct. We have had sporadic and limited income and our securities are subject to considerable risk. Investors are encouraged to review the documents filed by FTXP with the Securities and Exchange Commission for a discussion of the risks and other factors that affect our business. Any forward-looking statements we make in this press release speak only as of the date on which they are made. Factors or events that could cause our actual results to vary may occur from time to time, and we cannot predict all of them. We assume no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Executive Vice President of Finance