DENVER, Jan. 30, 2017 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTCQB:FTXP) (the “Company” or “FTXP”), an independent oil and gas exploration company engaged in the acquisition and development of oil and gas properties in the Rockies and Gulf Coast, today announced that drilling activities have commenced on its Labokay Prospect well located in Calcasieu Parish, Louisiana.
Labokay is an amplitude versus offset (“AVO”) oil play in Southwestern Louisiana targeting the Frio Nododaria Blanpiedi Sand, a prolific regionally productive zone. The well will be drilled to a total measured depth of 8,575 feet and true vertical depth of 8,190 feet. The Company will earn 100% working interest before payout for drilling the well and Magna Operating will back in for a 20% working interest after payout.
"We are excited to begin drilling our first AVO well in this Gulf coast trend,” stated B.P. Allaire, Chief Executive Officer of Foothills. “Should we succeed with Labokay, it will validate this aspect of our business model, which focuses on low-risk drilling near proven production and utilizes lower cost reprocessed 3D seismic employing AVO technology. Once total depth is reached and we have reviewed the data we will announce our plans and timing for completion of the well.”
About the Company
Foothills Exploration, Inc. (FTXP), based in Denver, Colorado, is a growth stage oil and gas exploration and production (E&P) company with focus and expertise in acquisition and development of onshore and offshore properties. The Company’s assets are located across well-established plays in the Rocky Mountain and Gulf Coast regions. For additional information please visit the Foothills website at http://ir.foothillspetro.com/
Forward-Looking Statements
All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions we made based on management's experience, perception of historical trends and technical analyses, current conditions, capital plans, drilling plans, production expectations, our abilities to raise adequate additional capital to support our acquisition, development and drilling activities, anticipated future developments, and other factors believed to be appropriate and reasonable by management. When used 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 include these words or other words that convey the uncertainty of future events or outcomes, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, statements, express or implied, concerning our future operating results and returns or our ability to acquire or develop proven or probable reserves, our ability to replace or increase reserves, increase production, or generate income or cash flows are forward-looking statements.
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. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. As a result, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. We are currently a pre-revenue company and our securities are subject to considerable risk. Investors are cautioned to review FTXP’s filings with the Securities and Exchange Commission for a discussion of risk and other factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.
Investor Contact MZ Group Derek Gradwell SVP, Natural Resources Email: dgradwell@mzgroup.us Tel: 512-270-6990 Web: www.mzgroup.com
