Foothills Exploration Inc. (OTCMKTS:FTXP) Issues Drilling Update On Houser-Sears #6 Well In The Illinois Basin
Foothills Exploration, Inc. is an oil and gas exploration and development company actively involved in meeting the energy needs of today and in the future. It aims to create a balanced portfolio of assets via two important initiatives. The first is to generate high-impact oil and gas exploration projects. The other is by investing in hydrogen and geothermal projects for a low carbon future through its New Energy Ventures division.
Market Stats
On Monday, FTXP stock ended flat at $0.0002 with more than 23.56 million shares, compared to its average volume of 63.20 million shares. The stock moved within a range of $0.0002 – 0.0003 after opening trading at $0.0002.
Foothills Exploration Inc. Provides Drilling Update On Houser-Sears #6 Well In The Illinois Basin
Foothills Exploration, Inc., including its direct and indirect subsidiaries, has announced an update regarding its drilling operations on August 01, 2022, on the Houser-Sears #6 well. Drilling operations commenced on Jul 13, 2022.
The Houser-Sears #6 well drilling operations targeted a proposed depth of 3,500 feet. This infield drilling location is in a stacked-pay environment with the potential to produce from several pay zones. If the well is drilled and completed successfully the potential expected payout is within 180-270 days of initial production.
The direct subsidiary of the company – Anaconda Energy, has reported that its partner, Benchmark Properties, has provided an update on its drilling operations previously announced at the Jasper, Illinois property. These operations are for the purpose of revealing crucial data on previously untapped oil-in-place reserves. If successful, the exploration program could indicate a stacked-pay environment with the potential for other wells to be drilled on the leasehold in the future.
Anaconda Energy owns a 50% working interest in the Houser-Sears #6 well with the remaining 50% interest divided amongst industry partners. The primary objectives are the Aux Vases Sand (2,724’), Upper McClosky Limestone (2,800’), and McClosky Dolomites (2,840’). The secondary objectives are the St. Louis Lime (3,150’) and Salem Lime (3,308’). Initial results have identified a multitude of zones with economic commercial potential oil reserves.
Benchmark Properties is of the firm belief that the Houser-Sears #6 well has two remarkable zones in the St. Louis Lime & McCluskey Dolomite, two possible zones in the Upper Aux Vases, and Rosiclare, and two new, unproven zones in the Lower Aux Vases Sand and Upper Salem Lime. A successful multi-pay zone is a definite possibility. Completion is set to commence depending upon the availability of a rig and dry surface conditions. As of now, the plan is to complete the well in the St. Louis Limestone and then take steps to complete the McCloskey Dolomite a few months later, as commented by Alex M. Hemb, CEO of Anaconda Energy, LLC.
Kevin Sylla, the company’s Executive Chairman, has stated that Anaconda Energy’s business model has shown fruitful results so far, with completed transactions offering low risk, potentially high reward opportunities in underdeveloped oil fields. Following this strategy, Anaconda Energy will continue to aggressively pursue all possible drilling, acquisition, and joint venture opportunities that have the potential to increase revenue and add shareholder value going forward.
Traders Corner
FTXP stock is trading below the 20-Day and 50-Day Moving averages of $0.0002 and $0.0002. Moreover, the stock is trading below the 200-Day moving average of $0.0006.
