Investors who may be looking into the exploration sector at this point in time may consider taking a look at the Foothills Exploration Inc stock this morning. One of the companies that may be worth looking into is Foothills Exploration Inc (OTCMKTS:FTXP), which is involved in the exploration and development of oil and gas properties.
Trading Data
On Wednesday, FTXP stock ended flat at $0.0003 with 30.76 million shares, compared to its average volume of 80.11 million shares. The stock moved within a range of $0.0002 – 0.0003 after opening trade at $0.0003.
About Foothills Exploration
The company is focused on delivering the energy needs of people for the present and also for the future. Foothills Exploration is intent on creating a portfolio that is going to be balanced and is going to be created through two main initiatives.
The first portion of the plan is to create high projects in the oil and gas exploration spaces. On the other hand, the second part of the plan is going to involve the creation of hydrogen as well as geothermal projects through its New Energy Ventures business unit.
Now that you have a pretty good idea about the nature of Foothills Exploration as a company, it may be a good time for you to take a look at the announcement that was made by the company on Wednesday.
Foothills Exploration Inc. Commences Drilling Of New Well In The Illinois Basin
The company announced yesterday that the drilling operations had been started at the Houser-Sears #6 well and it goes without saying that it was a major announcement from the company. The Executive Chairman of the company Kevin Sylla spoke about the development as well. He noted that the commencement of drilling activities had been reported by the company’s partner Benchmark Properties. The property in question is situated in Jasper, Illinois. It should also be noted that Sylla also stated yesterday that Anaconda Energy, which is a partner of Foothills Exploration, owns a 50% interest in the well and the rest of the interest is held by a range of industry partners.
The drilling operations in the well started on Wednesday and it has been planned that the proposed depth of the drilling is going to be 3500 feet.
On the other hand, it is also important to keep in mind that the infield drilling location at the site is in a stacked-pay environment and has the potential of producing a number of pay zones. In light of the latest development, it is quite likely that the Foothills Exploration stock is going to come into focus among investors over the course of the coming days and it is going to be interesting to see how the stock performs.
In this regard, it is also going to be interesting to note that the oil and gas space has seen considerable volatility in the stock markets owing to geopolitical events. As a result, the price of oil has been on the higher side for a long time and that has also come as an advantage to many companies which are involved in the sector. That is perhaps another factor that you would need to keep in mind when considering the Foothills Exploration stock at this point in time.
Key Quote
“We are pleased to report that our partner, Benchmark Properties, who is operator of the Ste. Marie West Project drilling and development program, has advised us that drilling is now underway at the Jasper, Illinois property. Foothills’ direct subsidiary, Anaconda Energy, owns a 50% working interest in the well with the remaining 50% interest divided amongst industry partners,” said Kevin 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 $0.0003 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0006. The company has a total market capitalization of $3.37 million with 11,259.6 million outstanding shares. The stock is down 25% over the past 3-month .
