Foothills Exploration, Inc. (OTCMKTS:FTXP) stock is one of the biggest gainers in Wednesday’s trading session after the positive news.
Market Reaction:
As of 10.43, FTXP stock gained 42% to $0.0027 with more than 1.95 billion shares, compared to its average volume of 190 million shares. The stock has moved within a range of $0.0019 – 0.0036 after opening the trade at $0.0020.
Major Trigger:
Foothills Exploration, Inc. Announces Compliance and Corporate Update
- FTXP announced that it has been granted access to the OTC Disclosure & News Service. This marks an important step for the Company towards becoming current on the OTC Pink Sheets and ultimately management’s intended upgrade back to the OTCQB.
- The Company filed its 2019 Annual Report and Attorney Letter with Respect to Current Information with OTC Markets on June 22, 2021. This is the first in a series of steps the Company is undertaking towards ultimately upgrading its listing back onto the OTCQB. The law firm Foley Shechter Ablovatskiy LLP is guiding the Company through the process. The Company intends to continue filing its financial statements in sequential order expects to make all necessary filings to become “current.”
- The Company is actively looking at the acquisition of oil and gas properties with long-lived reserves and upside drilling opportunity. The Company’s Wind River Basin program is still undergoing geological delineation to determine the optimal drilling location.
- A third-party engineering report of the Company’s interest in 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). The Company plans to pursue opportunistic drilling opportunities along with an aggressive acquisition program for the remainder of 2021.
- Allied Energy Corporation (OTCMKTS:AGYP) in Focus
- Another oil stock looks interesting is Allied Energy Corporation (OTCMKTS:AGYP). The company has put out some more tweets updating their progress on their Green Lease. Progress is being made. The site has been cleared for the flow lines, 2 injection wells are set and the battery of collection tanks are ready for oil to flow.
- AGYP’s Green lease is situated on the Bend Arch between the Midland Basin, and the Dallas-Fort Worth Basin. The area has a long history of oil and gas operations due to world class hydrocarbon sourcing from the Barnett shale and multiple stacked reservoirs in the Canyon Group, Strawn Group, Caddo Formation, Palo Pinto Formation, Marble Falls Group and Mississippi Limestone. These reservoirs can be accessed through both vertical and horizontal drilling and respond well to modern completion techniques.
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