Business
FOOTHILLS EXPLORATION INC.’S PROVIDES WIND RIVER BASIN AND CORPORATE UPDATE
FOOTHILLS EXPLORATION INC.’S PROVIDES WIND RIVER BASIN AND CORPORATE UPDATE.
About this update from Foothills Exploration, Inc
[{"type":"text","content":"\n LOS ANGELES, CA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTC: FTXP) (\"Foothills\" or the \"Company\"), an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow is pleased to announce a corporate update. Wind River Basin Project The Company has acquired an additional 2,500 acres in the Wind River Prospect, bringing the total project area up to approximately 18,887 acres. After receiving encouraging results for Phase 1 of its soil geochemical survey on a portion of the Company’s acreage in the Beaver Creek East (“BCE”) project in Fremont County, Wyoming, Phase 2 has commenced and will further analyze 95 of the 194 soil samples collected using the Synchronous Scanned Fluorescence (“SSF”) method to reveal crude oil concentrations down to one part per million and the composition of leaking hydrocarbon source (i.e., condensate vs. high gravity vs. low gravity oil). Phase 2 should be completed within the next 7-10 business days. Licensed preliminary 2D seismic interpretation on the BCE project has confirmed the “Sand Draw Anticline” nose believed to exist on project from well data, mapping, references and published Wyoming Geological Survey cross-section. The promising structural features expected are clearly identified and bounding east and west by locally mapped faults, which help confirm the proposed initial Unit development well pad surveying and proposed Unit outlined “resource play.” Deeper pay structures have been identified and are being examined by the Company’s technical team. The Company will look to increase its acreage position in the project area based on its most recent analysis and geological model. Illinois Operations Work-over operations on the Sears-Houser #4 well have commenced with the objective of producing from the Aux Vases Sand (2,719-2,730) formation. The Company is scheduled to close on its recently announced acquisition of 20 oil wells and 4 Class II salt water disposal injection wells in the Illinois basin by the end of November. The agreement between the parties has an effective date of October 1, 2021. The plan is to begin a field wide optimization program once the transaction closes. Husky Prospect The Company leased 640 acres in the Hallville field and is currentl...