Oil and gas exploration firm Foothills Exploration Inc (OTCMKTS:FTXP) may have had its stock trading in a range on Tuesday but it is necessary to note that the company did make a significant announcement. It may be a good idea for investors to consider taking a look at it and then make up their minds about the stock.
Trading Data
On Tuesday, FTXP stock ended flat at $0.0006 with more than 187.45 million shares, compared to its average volume of 155.50 million shares. The stock has moved within a range of $0.0006 – 0.0008 after opening trade at $0.0006.
Foothills exploration inc. Enters strategic partnership to acquire and develop properties in the williston basin
The company announced yesterday that it had signed up for an agreement with the company Saddle Rock LLC, which is based out of Williston. Foothills entered into this agreement through Anaconda Energy LLC, which is one of its many direct subsidiaries.
As per the provisions of the agreement, Anaconda signed a letter of intent with Saddle Rock by way of which it wants to get into exploration opportunities at the Williston basin. It goes without saying that the development could well prove to be a significant one for both parties.
However, it seems that investors were being somewhat cautious about the situation on Tuesday and that was possibly the reason why the stock was trading within a range. At this point in time, it might be a good idea for investors to keep the stock on their radars while keeping track of the news.
Key Quote
“We are looking forward to working with our partner Saddle Rock to identify other recompletion and infield drilling opportunities in the Basin,” said Alex Hemb, CEO of Anaconda Energy, LLC and Director of Foothills Exploration, Inc.
Technical Data
FTXP stock is trading below the 20-Day and 50-Day Moving averages of $0.0007 and $0.0008 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0015.
