Foothills Exploration, Inc. Commences Geochemical Survey of Its Wind River Basin Properties
October 07, 2021 at 08:00 am EDT
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Foothills Exploration, Inc. announced that it has engaged Geochemical Insight to execute a geochemical survey on a portion of the company’s acreage in the Beaver Creek East (“BCE”) project located in Fremont County, Wyoming. The Company is actively engaged in the last stage of its geological and geophysical delineation for its first drilling target in the BCE prospect, which has the potential to produce from several formations. The initial drilling program will have multiple objectives in a stacked-pay environment. The company has identified nine different formations for its proposed exploration program. The geochemical survey will begin on October 9, 2021, and the sampling, analysis and reporting of the data is expected to take approximately six weeks to complete. Geochemical Survey: The BCE geochemical survey will be conducted in Townships 33N and 34N 95W in Fremont County about 15 miles southeast of Riverton, Wyoming. The objective of the survey is to document the location of oil and gas seeps over the surveyed area in order to (i) reduce exploration risk for oil and gas by focusing drill targets on areas with hydrocarbon seeps and (ii) provide baseline environmental data of natural hydrocarbon seeps. A total of 194 soil samples will be collected at 1/6-mile (~268 meters) intervals along 4- to 5-mile-long lines spaced 3,300 feet apart (~1 kilometer). All soil samples will be collected on foot off access roads. The samples will initially be analyzed for acid-extractable C1 through C4 hydrocarbons and samples with anomalous thermogenic C2+ hydrocarbons will be analyzed by Synchronous Scanned Fluorescence to look for aromatic hydrocarbon compositions indicative of condensate, light oil and heavy oil seeps. Wind River Basin Wyoming Beaver Creek East Unit: The Company is developing a 16,387-acre multi-stacked pay Exploration Development Area 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). Foothills’ acreage is in this large undrilled area and is along the eastern flank of a deeper sub basin in the Wind River Basin proper. Here 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.
Foothills Exploration, Inc. is an oil and gas exploration and development company. The Company is engaged in the acquisition and development of oil and natural gas properties. The Company holds interest in Jubilee Exploration, LLC, (Jubilee Exploration), which owns five hundred forty-five (545) shut-in or stranded oil and gas wells situated on multiple leases located in northeastern Oklahoma and southeastern Kansas. It holds over 18,500 acres in the Wind River Basin of Wyoming and over 5,700 acres in the Uinta Basin of Utah. The Wind River Basin is located in central Wyoming. The basin contains approximately 60 large oil and gas fields produced from 17 different formations. It also owns 21% non-operated working interest in two (2) Uinta Basin horizontal gas wells: Stagecoach 111-20H and Stagecoach 117-20H. Both wells have been producing natural gas in commercial quantities, which are operated by EOG Resources, Inc.