Business
Foothills Exploration, Inc. Announces Operational Update for the Company’s Assets in the Uinta Basin
Foothills Exploration, Inc. Announces Operational Update for the Company’s Assets in the Uinta Basin.
About this update from Foothills Exploration, Inc
[{"type":"text","content":"\n\n DENVER, Aug. 23, 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, is providing an operational update for the Company’s assets in the Uinta Basin.\n OPERATIONAL SUMMARY: Duck Creek Area – Natural Buttes Field The Company plans to re-enter two wells in the Duck Creek area located in Uintah County, Utah, in the Natural Buttes field during the month of September.  The Duck Creek wells recently had a third-party engineering report completed, which calculated a total PV-10 value of $707,000 of Proved Developed Producing and Proved Developed Non-Producing reserves.  The Duck Creek 8-16GR and Duck Creek 17-16GR reworks will target three members of the Green River Formation between approximately 4,100' - 4,850' that have produced in adjacent properties.  The three target zones are the Douglas Creek, Black Shale and Castle Peak Limestone-Sandstone with a possible potential of 35,000 barrels of oil recoverable per well based on offset analogs.  The estimated costs of the reworks are $100,000 per well and we expect that following rework, each well could potentially add production of 20 to 40 barrels of oil per day.  If successful, the Company believes it has two other excellent recompletion candidates in the Duck Creek 51-8GR, and 7-16GR, both of which have similar bypassed pay-zones and behind pipe oil production potential of 35,000 barrels each.  Altamont- Bluebell and Brundage Canyon Areas A third-party reserve report was conducted on certain properties that were acquired through the Tiger Energy Partners International acquisition made in December 2016.  According to the report, these properties have approximately 5.4 million barrels of Proved Undeveloped Reserves.  The well depths range from 5,500 feet in the Brundage Canyon area to about 18,000 feet in the Altamont-Bluebell area. A number of the adjacent wells in the Altamont-Bluebell area have recovered over 1 million barrels of oil individually although there are no assurances that we will be able to achieve similar results.  The development of these wells will require additional drilling capital. We anticipate developing a c...