FTXP FOOTHILLS EXPLORATION, INC. ANNOUNCES COMP
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Posted On: 07/14/2021 10:31:53 AM
FTXP
FOOTHILLS EXPLORATION, INC. ANNOUNCES COMPLIANCE AND OPERATIONAL UPDATE
8:00 am ET July 14, 2021 (Globe Newswire) Print
Foothills Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries, ("Foothills," or the "Company"
, an oil and gas exploration company, is pleased to provide an operations and compliance update.
Compliance Update
On July 13, 2021, the Company filed its Q2 2020 Quarterly Report with OTC Markets ("OTC" and on July 12, 2021, the Company also filed its Q1 2020 Quarterly Report with OTC. Management is diligently working to complete and file all remaining quarterly and annual reports required to become assigned to the OTC Pink Current tier in the near future.
Operations Update
While the Company continues to work on the geological delineation of its Wind River Basin properties, management is currently evaluating several small to mid-sized production and exploration opportunities.
"We are feeling quite positive about the Company's Wind River Basin program where we are working to unlock significant value as oil prices continue rebounding strongly," said Kevin J. Sylla, the Company's Executive Chairman. "Prospects for our newly formed New Energy Ventures division are also shaping up rather nicely. Today, I am pleased to announce that our Vice President of Business Development, Ms. Tara Roberts, will be taking the helm as CEO of the Company's recently formed New Energy Ventures division, where she will apply her passion for sustainability and renewable energy," continued Sylla.
Prior to joining Foothills in 2019, Ms. Roberts spent over seven years working across a variety of disciplines within the U.S. oil and gas industry, including positions as a Landman, Revenue Accountant and Business Development Specialist. She has a background in sustainability, having previously worked in business development for a solar company. Ms. Roberts began her career at Chesapeake Energy Corporation, where she held various positions over an almost four-year tenure. Ms. Roberts previously founded and established Eldorado Energy, Inc., an Oklahoma City-based company focused on the acquisition of working interests, mineral rights and leaseholds. Ms. Roberts earned a B.A. in Psychology from the University of Oklahoma and an M.S. in Law, with a concentration in Energy Law, from Oklahoma City University, where she graduated with high honors. She is a member of the AAPL (American Association of Professional Landmen) and Young Professionals in Energy. She was also the recipient of the 2017 Oklahoma Forty Under 40 award.
Balance Sheet Initiatives
On June 29, 2021, the Company made its third and final payment to Odyssey Capital Funding, LLC, ("Odyssey" in the amount of $139,575.48 pursuant to a settlement and mutual release agreement reached on April 12, 2021, and in doing so has now retired all three variable-rate convertible promissory notes with Odyssey for a combined principal amount of $482,500, plus accrued unpaid interest due. As a result of the Company's settlement agreement with Odyssey, no further related conversions will take place.
FOOTHILLS EXPLORATION, INC. ANNOUNCES COMPLIANCE AND OPERATIONAL UPDATE
8:00 am ET July 14, 2021 (Globe Newswire) Print
Foothills Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries, ("Foothills," or the "Company"
, an oil and gas exploration company, is pleased to provide an operations and compliance update. Compliance Update
On July 13, 2021, the Company filed its Q2 2020 Quarterly Report with OTC Markets ("OTC"
and on July 12, 2021, the Company also filed its Q1 2020 Quarterly Report with OTC. Management is diligently working to complete and file all remaining quarterly and annual reports required to become assigned to the OTC Pink Current tier in the near future. Operations Update
While the Company continues to work on the geological delineation of its Wind River Basin properties, management is currently evaluating several small to mid-sized production and exploration opportunities.
"We are feeling quite positive about the Company's Wind River Basin program where we are working to unlock significant value as oil prices continue rebounding strongly," said Kevin J. Sylla, the Company's Executive Chairman. "Prospects for our newly formed New Energy Ventures division are also shaping up rather nicely. Today, I am pleased to announce that our Vice President of Business Development, Ms. Tara Roberts, will be taking the helm as CEO of the Company's recently formed New Energy Ventures division, where she will apply her passion for sustainability and renewable energy," continued Sylla.
Prior to joining Foothills in 2019, Ms. Roberts spent over seven years working across a variety of disciplines within the U.S. oil and gas industry, including positions as a Landman, Revenue Accountant and Business Development Specialist. She has a background in sustainability, having previously worked in business development for a solar company. Ms. Roberts began her career at Chesapeake Energy Corporation, where she held various positions over an almost four-year tenure. Ms. Roberts previously founded and established Eldorado Energy, Inc., an Oklahoma City-based company focused on the acquisition of working interests, mineral rights and leaseholds. Ms. Roberts earned a B.A. in Psychology from the University of Oklahoma and an M.S. in Law, with a concentration in Energy Law, from Oklahoma City University, where she graduated with high honors. She is a member of the AAPL (American Association of Professional Landmen) and Young Professionals in Energy. She was also the recipient of the 2017 Oklahoma Forty Under 40 award.
Balance Sheet Initiatives
On June 29, 2021, the Company made its third and final payment to Odyssey Capital Funding, LLC, ("Odyssey"
in the amount of $139,575.48 pursuant to a settlement and mutual release agreement reached on April 12, 2021, and in doing so has now retired all three variable-rate convertible promissory notes with Odyssey for a combined principal amount of $482,500, plus accrued unpaid interest due. As a result of the Company's settlement agreement with Odyssey, no further related conversions will take place.
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