Foothills Exploration Inc. (OTCMKTS: FTXP) fell 15% after announcing it entered a participation contract with an Illinois basin-based operator.
On Wednesday, FTXP stock lost 15.38% at $0.0011 with more than 413.36 million shares, compared to its average volume of 225.98 million shares. The stock has moved within a range of $0.0010 – 0.0014 after opening the trade at $0.0013.
The company’s subsidiary Anaconda Energy LLC entered the agreement with Illinois-based Benchmark Properties Ltd for the development of the Ste Marie West Prospect located in Jasper County.The agreement also involves the acquisition of a 50% working stake in then Sears-Houser #4 well in return for funding 50% of the whole recompletion and rework costs for the well with the goal of Aux Vase Sand (2,719-2,730) recompletion. Notably, the parties have also discovered a multi-stacked pay area on the prospect for drilling around 3,500 feet targeting the McClosky Limestone.
Anaconda Energy CEOand Foothills Exploration director Alex Hemb said that they are working with their partner in the identification of other infill drilling and recompletion opportunities across the Basin. The partnership will employ experts with more than 40 years of experience in exploration and exploitation in the Basin. So in the coming months, investors should be keen on FTXP.