Foothills Exploration provides corporate update

Foothills Exploration announced a corporate update. On November 25, 2022, the company reached a settlement agreement with its largest institutional lender, which retired and extinguished a total of 11 convertible promissory notes of various dates issued between 2018 and 2021, with a total principal amount of $6,368,333, in aggregate. On January 9, 2023, the company also reached a standstill and lockup agreement with an institutional investor for a certain convertible promissory note in the original principal amount of $390K, common stock purchase warrant for the purchase of 975,000,000 shares of the company’s common stock, and a securities purchase agreement, all dated February 22, 2022. The agreement provides a waiver to current agreements enabling the company to raise up to $1.5M in acquisition financing from an institutional lender to fund several acquisitions of oil and gas properties in the U.S. mid-continent region. On January 9, 2023, the company entered agreements to issue a secured convertible promissory note to an institutional lender to provide up to $2M in acquisition financing across multiple tranches. The Company has entered two or more agreements to acquire wells and leases in the U.S. mid-continent to increase its reserve profile and well inventory. The company’s area of focus is the U.S. mid-continent.