FOOTHILLS EXPLORATION INC - FTXP STOCK NEWS

Foothills Exploration (OTC: FTXP) released its financial review for the year ending December 31, 2022, revealing significant debt reduction and operational highlights. The company extinguished over 90% of its convertible debt, bringing total convertible notes payable down to $430,000, compared to $7.1 million in 2021. Revenue increased by 55% to $1.1 million, while operational losses decreased by 11.5% to $1.27 million. In January 2023, Foothills signed a 12-month standstill agreement with a convertible noteholder and acquired 21 oil and gas wells in Comanche County, Oklahoma. Additionally, the company acquired all interest in Jubilee Exploration, enhancing its asset portfolio for future production growth.

Foothills Exploration, Inc. (OTC: FTXP) has announced the acquisition of certain leases and wells in Kansas and Oklahoma. This strategic move aims to enhance the company’s production and reserve profile. The acquisition includes a multi-year inventory of wells expected to contribute to double-digit growth in production, reserves, and revenues for 2023 and 2024. The company plans to initiate a return to production for 139 gas wells, estimating output of 1.5 to 2.5 million cubic feet of gas per day. Additionally, 14 oil wells in Garvin County are anticipated to produce 30-40 barrels of oil daily. This acquisition aligns with Foothills' focus on natural gas as a key energy source.

Foothills Exploration (OTC: FTXP) announced the acquisition of 21 shallow oil and gas wells in Comanche County, Oklahoma, closed on January 31, 2023. These wells, averaging 1,200 feet deep, are expected to yield 20-25 barrels of oil per day from the Granite Wash formation. The projected revenue from these properties is approximately $432,000 over the next year, based on $75 oil prices. Additionally, Foothills is evaluating further acquisitions in the area and has ongoing audits with RBSM, LLP. The company remains current with its financial filings and looks to provide updates on future asset acquisitions.

Foothills Exploration (OTC: FTXP) recently announced a series of significant corporate updates impacting its financial structure and growth potential. The company settled with its largest lender, extinguishing $6.37 million in convertible promissory notes and associated warrants. Additionally, a new standstill agreement allows FTXP to raise $1.5 million for acquisitions while also providing a payment schedule for a $390,000 convertible note. The company plans to use up to $2 million for acquisitions, focusing on increasing its reserve profile in the U.S. mid-continent region.

Foothills Exploration, Inc. (OTC: FTXP) has announced a significant settlement agreement to extinguish dilutive warrants, aiming to improve its balance sheet. The company plans to retire all outstanding convertible debt and associated warrants by year-end. This initiative includes the cancellation of over 498 million shares reserved for an institutional investor, preventing potential market flooding. CEO Bruno P. Allaire stated that this move is essential for minimizing future dilution risks and preparing for future growth. The company seeks to become fully reporting with audited financials.

Foothills Exploration, Inc. (OTC: FTXP) has initiated completion operations on the Houser-Sears #6 well, successfully identifying six potential oil-bearing zones. The company will initially complete two zones, with the St. Louis Lime zone swabbing 64 barrels in 8 hours and a projected rate of 30-40 barrels per day. Future evaluations will also target the McClosky Dolomite and explore additional formations for production. The company's strategy focuses on high-impact oil exploration and identifying underdeveloped assets for growth.

Foothills Exploration (OTC: FTXP) reported significant financial growth in its Q2 2022 review, marking its second consecutive quarter of increasing revenue with a 72% rise to $468,000 compared to Q1 2022. Gross revenues for the first half of 2022 surged 182% to $739,000 year-over-year. The company's operating expenses to revenue ratio improved by 32%. Foothills is actively working to settle existing debt and minimize dilution, while pursuing acquisitions that enhance shareholder value. Leaders emphasize their commitment to sustainable growth and energy diversification.

Foothills Exploration (FTXP) updates on the Houser-Sears #6 well, drilling deeper into Illinois’ oil reserves. The operation, conducted by Anaconda Energy, reveals promising commercial potential across multiple zones, particularly in the St. Louis Lime and McCloskey Dolomite. Drilling commenced on July 12, 2022, reaching a depth of 3,420 feet. Initial findings show favorable porosity and permeability levels, indicating a potential for successful oil production. Completion will begin once conditions allow. The company continues to pursue growth opportunities in the oil sector.

Foothills Exploration, Inc. (OTC: FTXP) has announced the start of drilling operations for the Houser-Sears #6 well on July 12, 2022, at its Jasper, Illinois property. The company holds a 50% working interest in the well, with its partner managing the project. Targeting a depth of 3,500 feet, the well has multiple pay zone objectives for potential oil and gas production. Initial production could begin within 180-270 days if drilling and completion are successful. The company is focused on both traditional oil and gas and new energy projects.