Foothills Exploration announces 545-well acquisition in Kansas, Oklahoma

Foothills Exploration announces that it has acquired certain leases and wells located in Kansas and Oklahoma. Highlights: The acquisition provides a multi-year inventory of wells to increase the production and reserve profile of the Company; The assets provide the Company with a platform to deliver double-digit growth in production, reserves, and revenues in 2023 and 2024; Substantial reserves behind pipe; Infrastructure in place to drive low-cost development.; Natural gas weighted assets. Jubilee Acquisition: In January of 2023, the Company closed on the acquisition of one hundred percent membership interest in Jubilee Exploration, an Oklahoma limited liability company, which owns five hundred forty-five shut-in or stranded oil and gas wells situated on multiple leases located in northeastern Oklahoma and southeastern Kansas. Foothills will immediately commence a return to production program focused on gas production of 139 wells located in Craig and Nowata counties, Oklahoma. Foothills expects that natural gas production from all acquired wells can potentially be increased to about 5 to 8 million cubic feet per day within the first two years of production. In addition, the 14 Jubilee-owned oil wells in Jackson and Garvin counties, Oklahoma, will also be returned to production. The Company anticipates 30-40 barrels of oil production per day from these properties combined. The Garvin County properties include three drilled uncompleted wells as part of the package.