The Company settled and extinguished a considerable amount of its variable-rate and fixed-rate convertible debt during the year ending
Balance Sheet Initiatives
In
This global settlement agreement also extinguished a total of twelve (12) common stock purchase warrants (all with cashless exercise provisions) and eleven (11) securities purchase agreements issued of same dates, for up to 3.9 billion shares of the Company’s common stock and cancelling their corresponding irrevocable share reservation held by the Company’s stock transfer agent. The Investor’s sale of the Company’s common stock for the ensuing six (6) months will also be limited to twenty percent (20%) of the average daily volume traded on each respective trading day.
End of Year Highlights:
- Foothills reported an 94% decrease in total net carried amount of convertible notes payable (including debt discount) to
$430,000 during the twelve months endedDecember 31, 2022 (“FY22”), compared to$7,138,000 for the twelve months endedDecember 31, 2021 ("FY21"). - Foothills reported a 55% increase in revenue to
$1,104,000 during FY22, compared to$714,000 during FY21. - Foothills reported an 11.5% decrease in losses from operations of
$1,268,000 during FY22, compared to$1,434,000 for FY21.
For more information, please refer to the Company’s 2022 Annual Report filed with OTC Markets on
Q1 2023 Operational Highlights:
Standstill and Lockup Agreement
In
In
Jubilee Exploration Acquisition
In
Jubilee Acquisition Highlights
- The acquisition of over 500 wells 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
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