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Foothills Exploration, Inc. Announces Acquisiton of Uinta-Piceance Basin Assets Bolstering Current Acreage Position to Over 100,000 Acres in the Rockies
Foothills Exploration, Inc. Announces Acquisiton of Uinta-Piceance Basin Assets Bolstering Current Acreage Position to Over 100,000 Acres in the Rockies.
About this update from Foothills Exploration, Inc
[{"type":"text","content":"\n\n DENVER, May 11, 2017 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTC.QB: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, today announced that it has entered into a purchase and sale agreement with an undisclosed seller.\n Acquisition Summary This acquisition bolsters the Company’s current acreage position in the Rockies and specifically in the Uinta-Piceance Basin to over 100,000 acres, while adding significant proven reserves and expanding proven undeveloped drilling inventory.  This transaction is a continuation of the Company executing on its oil and gas rollup strategy in its core focus area. Deal Highlights: 67,330 gross acres, 49,600 net acres, 100% held by production85 total wells, 31 actively producing, 54 shut-in wellsDelivers 100% working interest, 87% net revenue interestWorking interest includes operating and non-operating interest66 wells to be operated by Foothills, 19 wells non-operatedSignificant resource opportunity in the Mancos with developing horizontal playTransaction expected to close by the end of 2Q17 This acquisition delivers existing infrastructure as well as immediate revenue and cash flow to the Company.  The Company has identified several shut-in wells to bring back into production within 90-days post completion of the acquisition.  Lastly, the transaction provides the Company with a solid footprint in the Uinta-Piceance Basin with several potential bolt-on acquisitions in the immediate area. 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 underexplored properties.  The Company’s assets are located across well-established plays in the Rocky Mountain region.  For additional information please visit the Company’s 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 ...