Foothills Exploration Inc (OTCMKTS:FTXP) Stock On Radar Following Q1 Results
Oil and gas exploration company focusing on delivering energy needs of present and future, Foothills Exploration Inc (OTCMKTS:FTXP), announced on May 16, 2023, its quarterly review of financial performance for three months ending March 31, 2023.
Trading Data
On Tuesday, FTXP stock slumped $33.33 with more than 29.18 million shares, compared to volume of 29.29 million shares. The stock moved within a range of $0.0001 – 0.0002 after opening trade at $0.0002.
Foothills Exploration Inc. Announces First Quarter 2023 Results And Operational Update
In the quarter one of 2023, Foothills reported a 96% increase in revenues to $499,000 for the quarter ending March 2023 vis-à-vis $255,000 in the previous year. The firm witnessed a surge of 157% in revenues to $499,000 during the quarter as compared to $194,000 in the previous quarter.
The company saw a 28% decrease in losses from operations during the quarter, as compared to $399,000 in the same quarter of the previous year. Foothills witnessed a reasonable 14% increase in general and administrative costs during the first quarter of the current year.
For the Wind River Basin Project, the firm suspended all BLM leases through Jan 2025. In its Jubilee Exploration Acquisition,the Company successfully put some wells back online with an approximate production of 15 barrels of oil per day.
The firm has seen significant growth quarter over quarter with the addition of producing assets and higher commodity pricing. Foothills Exploration’s strategy is to build a balanced portfolio through two initiatives, high-impact oil, and gas exploration projects and investing in hydrogen and geothermal projects for low carbon future.
