Foothills Exploration, Inc. (OTC: FTXP) is pleased to announce that it has received encouraging results for Phase 1 of its Beaver Creek East (“BCE”) project
FOOTHILLS EXPLORATION INC. (OTC:FTXP)
LOS ANGELES, CA, UNITED STATES, November 10, 2021 /EINPresswire.com/ — Oil and gas stock news from Investorideas.com newswire and Oilandgasstocknews.com Foothills Exploration, Inc. (OTC: FTXP), an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow is pleased to announce that it has received encouraging results for Phase 1 of its previously announced soil geochemical survey on a portion of the Company’s acreage in the Beaver Creek East (“BCE”) project in Fremont County, Wyoming.
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The BCE soil hydrocarbon geochemical survey carried out over approximately 20 square miles of the Company Exploration Development Area (“EDA”) in Fremont County, Wyoming has successfully documented oil and gas microseeps that will help focus the Company’s Master Drilling Plan Development. “The initial results of our geochemical program at Beaver Creek East are quite promising and support our geological and technical analysis,” said Kevin J. Sylla, the Company’s Executive Chairman. “We look forward to the next phase of the geochemical program coupled with our 2-D seismic interpretation currently underway as we further evaluate the best locations for our drilling program,” continued Sylla.
Phase 1 of the geochemical survey conducted over the Company’s project area has shown encouraging results with oil and condensate sourced anomalous propane concentrations in soils. Exciting is the thermogenic hydrocarbon anomaly clusters are spatially associated with known faults, structural features, features identified in seismic, drilling and associated area oil fields. High propane/propylene ratio anomalies are indicative of fast-streaming of propane along faults to surface.
Since oil and condensate sourced gas microseeps are clearly evident, Phase 2 of the Company’s geochemical program will further analyze 95 of the 194 soil samples collected using the Synchronous Scanned Fluorescence (“SSF”) method to reveal crude oil concentrations down to one part per million and the composition of leaking hydrocarbon source (i.e., condensate vs. high gravity vs. low gravity oil). The SSF analysis will also determine the API gravity of the leaking oil source from traces of the heavier C6-C22.
These promising surface results confirm potential sources outlined in U.S. Geological Survey (“USGS”) Wind River Basin studies. The Northern portion of the prospect area of the Company’s acreage is located within the area surveyed by the USGS in 2018 for petroleum assessment and determined that there were an estimated 528 million barrels of oil, 2 trillion cubic feet of gas and 40 million barrels of natural gas liquids of undiscovered resources of the Niobrara Interval of the Cody Shale of the Wind River Basin Province, Wyoming.
The USGS in 2020 quantitatively assessed the potential for undiscovered, technically recoverable, continuous (unconventional) oil and gas resources in the Cretaceous Mowry shale in the Wind River Basin Province, Wyoming. This estimated undiscovered, technically recoverable mean resources of 288 million barrels of oil and 2.6 trillion cubic feet of gas in the Mowry Shale adding to the resource potential in the Wind River Basin Province, Wyoming. Historical good production occurs in adjacent fields from Frontier stacked sands, which are sandwiched between these 2 high resource source rocks.
Wind River Basin Beaver Creek East Prospect
The Company is developing a 16,387-acre multi-stacked pay project in Fremont County, Wyoming, which is highly prospective for oil and natural gas. A third-party engineering report of the Company’s interest in the 16,387 acres located in the Wind River Basin, Wyoming, known as the Beaver Creek East Project, indicates Prospective Resources of approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk), from vertical wells. It should also be noted that potential undiscovered resources of the Niobrara Interval of the Cody Shale and Mowry Shale of the Wind River Basin Province estimated by the USGS in their 2018 & 2020 petroleum assessment have not been included in the above prospective resources economic summary.
Foothills’ acreage is located in a large undrilled area along the eastern flank of a deeper sub basin in the Wind River Basin proper, where a deep structural deposit called the Beaver Creek field has produced approximately 73.3 million barrels of oil and 934,781,606 MCF of gas. The Big Sand Draw field, updip to the south, has produced 62.0 million barrels of oil and 256,678,537 MCF of gas from multi-pay horizons. These are generally in the Frontier, Muddy, Dakota, Lakota, Morrison, Phosphoria, Tensleep and Madison formations.
On October 27, 2021, the Company filed its quarterly report for the period ending September 30, 2021, two- and one-half weeks ahead of the OTC Markets deadline for timely submission. The Company remains committed to completing the necessary steps to up-list to the OTC.QB and continues to work through the auditing process.
Management is currently working with counsel to complete the definitive agreements required to close on its recently announced Illinois basin acquisitions. The Company has made the required deposits for the well acquisitions and has also funded the rework program for the Sears-Houser #4 well, work for which is also currently underway.
“I am excited at management’s ability to execute on all fronts and our ability to achieve targets and objectives,” said Sylla. “The Company also continues to aggressively pursue several other potential opportunities to build value in the long-term,” continued Sylla.
About Foothills Exploration, Inc.
For additional information please visit the Company’s website at www.foothillspetro.com.
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Source: EIN Presswire