The world is expected to remain dependent upon oil and natural gas as transitional energy sources until the world can produce enough quantities of green energy. Natural gas in particular will play a bigger role on a global scale providing clean, reliable and abundant energy to nations for years to come.
Acquisition Highlights
- The acquisition provides a multi-year inventory of wells to increase the production and reserve profile of the Company.
- The assets provide the Company with a platform to deliver double-digit growth in production, reserves, and revenues in 2023 and 2024.
- Substantial reserves behind pipe
- Infrastructure in place to drive low-cost development.
- Natural gas weighted assets
Jubilee Acquisition
In January of 2023, the Company closed on the acquisition of one hundred percent (100%) membership interest in
Jubilee Exploration, an independent oil and gas producer currently controls 545 wells located across multiple counties in northeastern
Foothills will immediately commence a return to production program focused on gas production of 139 wells located in
In addition, the 14 Jubilee-owned oil wells in
“Our natural gas-focused strategy is based on having economical, long-lived reserve assets in established basins to serve a growing nationwide demand for clean, affordable and abundant natural gas. This acquisition enhances our well inventory and overall position in the
About the Company
Forward-Looking Statements
All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions we made based on management's experience, perception of historical trends and technical analyses, current conditions, capital plans, drilling plans, production expectations, our ability to raise adequate additional capital, or enter into other financing arrangements to support our acquisition, development and drilling activities, anticipated future developments, and other factors believed to be appropriate and reasonable by management. When used in this release, words such as "will," “possible,” "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," "strategy," "future" or their negatives or the statements that include these words or other words that convey the uncertainty of future events or outcomes, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, statements, express or implied, concerning our future operating results and returns or our ability to acquire or develop proven or probable reserves, our ability to replace or increase reserves, increase production, or generate income or cash flows are forward-looking statements.
Forward-looking statements are not guarantees of performance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. As a result, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. We have had sporadic and limited revenue and our securities are subject to considerable risk. Investors are cautioned to review FTXP’s filings with the
Investor Contact
EVP of Finance
(800) 204-5510
ir@foothillspetro.com
Source:
2023 GlobeNewswire, Inc., source