Foothills Exploration Inc (OTCMKTS:FTXP) Stock Jumps After 21-Well Acquisition In Oklahoma

Oil and gas exploration firm Foothills Exploration Inc (OTCMKTS:FTXP), which primarily works with its subsidiaries, is intent on delivering on the energy needs of the present and the future. The company was in the news yesterday after it announced that it had been successful in completing the acquisition of some wells and leases which are located in Comanche County in Oklahoma.

Foothills Exploration, Inc. Announces 21-Well Acquisition In Oklahoma

Foothills announced that back on January 31, 2023, it had managed to close the acquisition of as many as 21 shallow oil and gas wells situated in Comanche County. The wells in question are scattered across a total of four leases. The wells are of the stripper variant and recorded an average depth of 1200 feet. The oil produced from the wells are mainly from the Granite Wash formation.

However, the company would need to conduct a return-to-production program before it can commence work. The program is going to begin immediately and each of the wells is going to be returned to production in a systematic manner. New production at the wells is going to begin during the week of February 20. Considering the current oil prices, the company is looking to generate $432000 in total revenues from these wells.