Although the company made a fairly positive announcement last Thursday, it did not do much for the Foothills Exploration Inc (OTCMKTS:FTXP) stock, which declined by as much as 8% this past Friday. Considering the decline in the stock, it may be a good time for investors to consider taking a look at the announcement and then make up their minds with regards to the Foothills stock.
Trading Data
On Friday, FTXP stock slumped 8.33% to $0.0005 with more than 370.42 million shares, compared to volume of 92.11 million shares. The stock moved within a range of $0.0004 – 0.0006 after opening trade at $0.0006.
Foothills Exploration Inc. Provides Completions Update On Houser-Sears #6 Well In The Illinois Basin
On August 25 the company announced that it had been successful in commencing the completion operations at the Houser-Sears #6 well. The company went on to note that the well had been drilled and logged successfully, which also indicated that there were potentially new reserves at the leasehold.
The company went on to announce that the completion logs and the geological sample analysis had managed to uncover at least six zones with oil-bearing formations, which could be of commercial interest to Foothills.
It was further noted that the company as going to work on the completion of two out of those six zones and eventually bring those online for the purposes of production. It is now going to be interesting to see if the stock can make a recovery in light of the latest announcements from Foothills.
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.
Technical Data
FTXP stock is above the 20-Day and 50-Day Moving averages of $0.0004 and $0.0003 respectively. However, the stock is trading below 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.
