Foothills Exploration, Inc. announced that has entered into an agreement with Saddle Rock, LLC. The company, through its direct subsidiary, Anaconda Energy, LLC, has entered in to a letter of intent with Saddle Rock, LLC (Saddle Rock) to explore return-to-production opportunities in the Williston basin. The parties plan to jointly acquire leases with or without producing wells and engage in workover operations to return to production, optimize and/or stimulate existing wells on the acquired leaseholds.
Saddle Rock will operate the acquired properties and Anaconda will be the strategic non-operating partner in projects. The parties have targeted a few assets for unsolicited and solicited bids of their properties that they believe to be underdeveloped and with significant upside.