Foothills Exploration announces 21 well acquisition in Oklahoma

Foothills Exploration has acquired certain leases and wells located in Comanche County, Oklahoma. On January 31, 2023, the Company closed on the acquisition of twenty-one shallow oil and gas wells, all located in Comanche County, Oklahoma, situated across four leases. These stripper wells have an average depth of 1,200 feet and primarily produce from the Granite Wash formation. The Company’s return-to-production program on these properties will consist of cleaning out existing wellbores, facility maintenance, electrical work and flowline repair work, which is expected to deliver collective production rates of 20-25 barrels of oil per day for all wells. Return-to-production operations are scheduled to begin immediately and each well is expected to return to production systematically, with new production projected to begin coming online sometime during the week of February 20th. Based on baseline projections and $75 oil prices, the Company expects to generate approximate revenues of $432,000 from these properties over the next 12 months. WHZ Oil & Gas, LLC, an indirect subsidiary of the Company will operate the properties. The Company is currently evaluating several additional oil-weighted properties in the area for potential bolt-on acquisitions. The Company also executed two additional agreements for certain asset acquisitions in Kansas and Oklahoma, which will significantly add to the Company’s total well inventory and reserves. The Company’s accounting team and auditors, RBSM, LLP, a PCAOB-registered accounting firm, continue to work through the auditing process and are currently focused on completing audits and review of financial statements up through the period ending December 31, 2022. Meanwhile, the Company is up-to-date with all of its required financial alternative report filings and is OTC Pink current. The Company expects to announce further details on timing with forward guidance regarding recently-completed synergistic asset acquisitions in the coming weeks.