Oil and Gas exploration company, Foothills Exploration Inc (OTCMKTS:FTXP), which focuses on delivering energy needs, on August 25, 2022, announced that operations have finished on the Houser-Sears #6 well.
Trading Data
On Thursday, FTXP stock gained 20% to $0.0006 with more than 547.93 million shares, compared to volume of 86.76 million shares. The stock moved within a range of $0.0004 – 0.0007 after opening trade at $0.0006.
Foothills Exploration Inc. Provides Completions Update On Houser-Sears #6 Well In The Illinois Basin
The Houser-Sears #6 well was drilled and logged, indicating the potential of fresh reserves within the leasehold. The samples analysis and logs identified at least six potential zones having oil-bearing formations. The firm decided on completing two of the six zones and bringing them online for production.
The program was designed for including two stages targeting the St. Louis Lime. It swabbed 64 barrels in 8 hours with the projected potential rate being 30-40 barrels of oil per day.
Key Quote
“Our strategy in Illinois partnering with a local operator with a wealth of knowledge and experience has been invaluable and a tremendous success from our perspective,” said Alex M. Hemb, CEO of Anaconda Energy, LLC. “The Houser-Sears #6 well has terrific potential for a well with a total depth of 3,420 feet. We have four other formations to test and produce from outside the initial two completion zones,” continued Hemb. “We are excited about the prospects of the Houser-Sears lease and the potential to drill offset wells in the future,” ended Hemb.
Foothills Exploration Delivers Second Consecutive Quarter Of Double-Digit Revenue Growth
Foothills Exploration Inc on August 17, 2022, released the second quarter review of financial performance for three months ending June 30, 2022.
Foothills witnessed a 72% increase in revenue to $468,000 in the quarter while its gross revenues surged by 182% to $739,000 during the six months ending June 30, 2022.
The firm showed much growth year over year with the addition of producing assets as well as higher commodity pricing. It also engaged in active discussions for settling and retiring debt and minimizing further dilution. Any other dilution will be for financing acquisitions accretive to earnings.
Foothills’ Executive Chairman, Kevin J. Sylla said that the company reported quarter two of 2022 demonstrating an improvement over the previous year. Sylla added that the company had robust growth over the last quarter.
Technical Data
FTXP stock is trading above the 20-Day and 50-Day Moving averages of $0004 and $0.0003 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0005. The company has a total market capitalization of $6.75 million. The stock is up 200% over the past month.
