FOOTHILLS EXPLORATION INC. PROVIDES JANUARY 2022 CORPORATE UPDATE
LOS ANGELES, CA, Jan. 19, 2022 (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 and outlook for 2022.
Drone Joint Venture Update
HHE Exploration Technologies, Ltd. (the “Joint Venture,” the “JV,” or “HHE”) has completed full integration of its hydrogen sensing drone platform and is preparing to test the Unmanned Aerial System (“UAS”) over known areas of natural hydrogen emanations within 30 days. After field testing is completed, HHE will initiate multiple exploration programs in North and South America concentrating on natural hydrogen, which has the potential to drastically accelerate the global energy transition to net zero.
“Our multi-sensor UAS identifies and delineates areas, which are geologically optimal for hydrogen generation and exploitation,” said Ty Pfeifer, President of HHE. “This mitigation of drilling risk, resultant lower finding costs and “net zero” aspect of natural hydrogen portends the transition from fossil fuel dependency,” continued Pfeifer. “We are also pleased to announce that the development of our helium detection array is progressing and we anticipate field testing will begin early in the second quarter of the 2022,” continued Pfeifer. “Technology driven advancements will continue to define the evolution of the Company,” ended Pfeifer.
About Natural Hydrogen
The field of natural (or “gold/white”) hydrogen exploration has recently emerged on the international stage as a potentially viable alternative hydrogen production method with costs projected to be significantly lower than steam methane reforming (“grey hydrogen”) and electrolysis using renewable energy (“green hydrogen”). Natural hydrogen is clean and carbon-free with production costs estimated to be about $0.75 per kilogram, which is about 1/8th the current cost of producing green hydrogen.
Hydrogen is also gaining unprecedented economic and political momentum globally as an alternative net-zero energy vector and a complement to the ‘electrify everything’ movement. Bank of America forecasts that the hydrogen industry is at a tipping point and headed to $11 trillion, with hydrogen production projected to see a 5,000% increase by 2026. Global demand for clean and green energy continues to increase rapidly, coupled with the need to optimize production, and minimize greenhouse gas emissions.
Illinois Basin Update
The Houser-Sears well recompletion was successful with the well’s initial production coming in at around 33 barrels of oil per day (“BOPD”) and now settling in at approximately 16 BOPD. The Company plans to perform workover and stimulation operations on five (5) targeted wells during the remainder of Q1 on the Company’s recently acquired properties in the Illinois basin. For more information on these properties, please refer to the Company’s press release issued on December 31, 2021. The Company is currently evaluating several opportunities in the basin to acquire production or selective infield drilling prospects to grow its footprint.
Wind River Basin Project Update
Based on discussions with the Bureau of Land Management (“BLM”), review of Federal lands and recommendation from a professional federal drilling unit service company processing application, the Company’s current focus is to begin the Notice of Staking (“NOS”) and Application Permit to Drill (“APD”) process for Beaver Creek East unit obligation well. A BLM unit application meeting is being scheduled.
The licensed seismic identified and confirmed structural features for initial drilling pad location. Unitized formation is designated as the "Frontier Formation." Timing issues for initial drilling will depend on State and BLM well permitting, rig availability and pad location construction. The Company has made the Wind River Basin project a top priority for 2022.
Compliance / Audit Update
The Company is up-to-date with all of its required financial alternative report filings and is OTC Pink current. The Company’s 2021 annual report is also on track to be filed with OTC Markets prior to the filing deadline. The Company has retained its historical auditors, RBSM, LLP, and continues to work through the auditing process with the aim of uplisting back onto the OTC.QB as soon as possible.
About Foothills Exploration, Inc.
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 assets through two core initiatives. The first initiative is to generate high-impact oil and gas exploration projects. The second is to invest in hydrogen and geothermal projects for a low carbon future through its New Energy Ventures division by identifying areas where the Company can contribute to a viable, realistic, and balanced future energy mix. For additional information please visit the Company’s website at www.foothillspetro.com.
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 on certain assumptions we made based on management's experience, perception of historical trends and technical analyses, current conditions, capital plans, drilling plans, production expectations, our ability to raise adequate additional capital, or enter into other financing arrangements to support our acquisition, development and drilling activities, anticipated future developments, and other factors believed to be appropriate and reasonable by management. When used in this release, words such as "will," “possible,” "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," "strategy," "future" or their negatives or the statements that include these words or other words that convey the uncertainty of future events or outcomes, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, statements, express or implied, concerning our future operating results and returns or our ability to acquire or develop proven or probable reserves, our ability to replace or increase reserves, increase production, or generate income or cash flows are forward-looking statements.
Forward-looking statements are not guarantees of performance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. As a result, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. We have had sporadic and limited revenue and our securities are subject to considerable risk. Investors are cautioned to review FTXP’s filings with the OTC Markets for a discussion of risk and other factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
EVP of Finance
Released January 19, 2022