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FOOTHILLS EXPLORATION INC. ENTERS AGREEMENTS TO REWORK AND DRILL A NEW WELL IN THE ILLINOIS BASIN
FOOTHILLS EXPLORATION INC. ENTERS AGREEMENTS TO REWORK AND DRILL A NEW WELL IN THE ILLINOIS BASIN.
About this update from Foothills Exploration, Inc
[{"type":"text","content":"\n LOS ANGELES, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries, (\"Foothills,\" or the \"Company\"), an oil and gas exploration company, is pleased to announce that has entered into a participation agreement with an Illinois basin operator. The Company, through its direct subsidiary, Anaconda Energy, LLC, has entered in to a participation agreement with Benchmark Properties, Ltd. to develop the Ste Marie West Prospect in Jasper County, Illinois, and to acquire fifty-percent (50%) working interest in the Sears-Houser #4 well in exchange for paying fifty-percent (50%) of the total rework and recompletion costs for the subject well with the objective of a recompletion in the Aux Vase Sand (2,719-2,730). The parties have also identified a multi-stacked pay location on the Ste Marie Prospect to drill to 3,500 feet with the primary objective of the McClosky Limestone. “We are looking forward to working with our partner to identify other recompletion and infield drilling opportunities in the Basin,” said Alex Hemb, CEO of Anaconda Energy, LLC and Director of Foothills Exploration, Inc. This partnership will utilize the talents of a Petroleum Geologist with 40 plus years’ experience in exploitation and exploration in the Illinois Basin. Furthermore, Benchmark Properties, Ltd has been drilling and operating successful oil leases in the Illinois Basin since 1995. “A key platform of our Illinois basin strategy is identifying inactive wells that can be returned to production for minimal costs,” said Hemb. “We are actively looking for rework and recompletion candidates that fit these criteria,” continued Hemb. Illinois Basin The Illinois Basin began commercial oil production in 1905 and the Clay City Consolidated field where the Ste Marie prospect exists has produced over 363 million barrels of oil (MMBO) since 1932. There are approximately 32,100 oil and gas production wells, 10,500 Class II injection wells and 1,750 gas storage wells in Illinois. 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 asset...