Yesterday, Foothills Exploration Inc (OTCMKTS:FTXP) was in the news cycle after it announced operational updates for the first fiscal quarter of 2022. Despite such a key announcement from the company, the stock traded in a range.
Trading Data
On Tuesday, FTXP stock ended flat at $0.0003 with more than 64.12 million shares traded, compared to volume of 111.36 million shares. The stock moved within a range of $0.0002 – 0.0003 after opening trading at $0.0003.
Key Details
However, things can change quickly in the stock market and hence, it may be a good move to take a look at the updates. The company announced that back on March 9 it had been successful in picking up another 1960 acres in the form of state leases from the State of Wyoming. The company acquired those leases in order to have more potential drilling locations at the Wind River Basin area.
By way of the latest acquisition, the total land holding of Foothills Corporation in the Wind River Basin area came to 20847 acres. In addition to that, the company also announced yesterday that since it had managed to complete the additional acquisition, it would now be able to speed up the award of drilling permit on lands owned by the state. At this point, it may be a good move from investors to keep an eye on further developments and also on the price action in the stock.
Key Quote
“Our Illinois operations are a perfect example of the type producing properties we look to acquire. The target acquisition is undervalued, underdeveloped and offers low-risk development with behind pipe potential and field wide optimization opportunities. This combination translates into consistent and predictable cash flow to add to our production base,” said Kevin J. Sylla, the Company’s Executive Chairman.
Technical Data
FTXP stock is trading below the 20-Day and 50-Day Moving averages of $0.0003 and $0.0004 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0010.
