FOOTHILLS EXPLORATION INC. COMMECES DRILLING OF NEW WELL IN THE ILLINOIS BASIN

Rhea-AI Summary

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.

Positive

• Commencement of drilling operations for the Houser-Sears #6 well.
• Foothills holds a 50% working interest, enhancing its asset portfolio.
• Potential for multiple pay zones could significantly boost production.

Negative

• No immediate revenue generation from the well until successful drilling and completion.
• Sporadic and limited revenue reported previously puts pressure on future performance.

LOS ANGELES, July 13, 2022 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries, ("Foothills," or the "Company"), an oil and gas exploration company focused on delivering the energy needs of today and tomorrow, is pleased to announce commencement of drilling operations for the Houser-Sears #6 well.

"We are pleased to report that our partner, Benchmark Properties, who is operator of the Ste. Marie West Project drilling and development program, has advised us that drilling is now underway at the Jasper, Illinois property. Foothills’ direct subsidiary, Anaconda Energy, owns a 50% working interest in the well with the remaining 50% interest divided amongst industry partners,” said Kevin Sylla, the Company’s Executive Chairman.

Houser-Sears #6 Well

The Houser-Sears #6 well drilling operations commenced yesterday targeting a proposed depth of 3,500 feet. This infield drilling location is in a stacked-pay environment with the potential to produce from several pay zones. The primary objectives are the Aux Vases Sand (2,724’), Upper McClosky Limestone (2,800’) and McClosky Dolomites (2,840’). The secondary objectives are the St. Louis Lime (3,150’) and Salem Lime (3,308’). If the well is drilled and completed successfully the potential expected payout is within 180-270 days of initial production.

About the Company

Foothills Exploration, Inc. (“FTXP” or the “Company”), is an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow. The Company’s strategy is to build a balanced portfolio of assets through two core 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 additional information please visit the Company’s website at www.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 ability to raise adequate additional capital, or enter into other financing arrangements 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 have had sporadic and limited revenue 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. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor Contact

Christopher Jarvis
EVP of Finance
(800) 204-5510
ir@foothillspetro.com

FAQ

What is the Houser-Sears #6 well project by Foothills Exploration?

The Houser-Sears #6 well project involves drilling operations targeting a depth of 3,500 feet, with potential production from several pay zones.

What is the timeline for expected production from the Houser-Sears #6 well?

If drilling and completion are successful, initial production is expected within 180-270 days.

What interest does Foothills Exploration hold in the Houser-Sears #6 well?

Foothills Exploration holds a 50% working interest in the Houser-Sears #6 well.

What are the main objectives of the drilling at the Houser-Sears #6 well?

The primary objectives are the Aux Vases Sand, Upper McClosky Limestone, and McClosky Dolomites, with secondary objectives including the St. Louis Lime and Salem Lime.

How does Foothills Exploration plan to diversify its assets?

Foothills Exploration is focused on high-impact oil and gas projects as well as investing in hydrogen and geothermal projects for a low carbon future.