Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events

6 Months Ended

Jun. 30, 2016

Note 8.

Subsequent Events

On June 30, 2016, we entered into a securities purchase agreement to sell 3,007,519 shares of our common stock to a single investor for proceeds totaling $2,000,000. Subsequent to the closing of quarter ending June 30, 2016, the Company received the funds.

The pro forma consolidated balance sheet as of June 30, 2016, gives effect to the transaction described above, and is based on the historical financial statements of the Company, as if the funds were received on June 30, 2016, for purposes of the pro forma consolidated balance sheet.

Foothills Petroleum

Pro Forma Condensed Consolidated Balance Sheet

(Unaudited)

	June 30,			December 31,
	2016			2015
Assets
Current Assets
Cash and cash equivalents	$	2,087,150		$	375,000
Prepaid expenses		7,144			170,833
Total Current Assets		2,094,294			545,833
Restricted cash		-			25,000
Oil and gas property		105,672			72,430
Total Assets	$	2,199,966		$	643,263

Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable and accrued liabilities	$	8,935		$	3,500
Accrued interest		-			789
Total Current Liabilities		8,935			4,289
Long-Term Liabilities:
Long-term debt		-			600,000
Total Liabilities		8,935			604,289

Stockholders’ Equity:
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $0.0001 par value; 100,000,000 shares authorized; 11,536,278 and 4,500,000 shares issued and outstanding, respectively		1,154			4,500
Additional paid in capital		3,111,471			67,930
Accumulated deficit		(921,594	)		(33,456	)
Total stockholders’ equity		2,191,031			38,974
Total Liabilities and Stockholders’ Equity	$	2,199,966		$	643,263