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Sunday, April 18, 2021

Swift Rise of Foothills Exploration Inc (OTCMKTS: FTXP) Pink Current, Lucrative Wind River Basin Oil & Gas project, Beijing Gas Blue Sky Holdings Investment

Foothills Exploration Inc (OTCMKTS: FTXP) is making a powerhouse run up the charts in recent months skyrocketing off its double zero lows to highs well over a penny. FTXP has massive liquidity trading well over a billion shares and well over $10 million USD in dollar volume on Monday alone. The stock has been under heavy accumulation and has attracted legions of new shareholders in recent weeks. FTXP has been rocketing up the charts in recent months as a new era of penny stock speculators fueled by robinhood and its 100 million new trading accounts take on the bulletin boards. These are different times than just a few short years ago; now penny stocks such as TSNP can achieve a $6 billion plus market valuation and trade $375 million in dollar volume in a day on the bulletin boards. And TSNP has no stronger fundamentals than FTXP has. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index hitting a high of US$67.98 per barrel recently, a level it hasn’t traded at since 2018. Currently under heavy accumulation FTXP is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars.  

FTXP recently began the process of reorganization. The Company is working to become current on the OTC and is looking to eliminate the Company’s outstanding variable rate convertible debt to clean up its balance sheet and better position the Company for future growth. To that end, the Company has reached settlement and already paid off a number of cd in recent weeks. FTXP is looking to develop its approximately 16,000 acres of highly prospective development acreage called the Wind River Basin project in Fremont County, Wyoming. The Board is excited about this prospective exploration project, where a third-party engineering firm issued an assessment that indicates Prospective Resources of approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk). Currently Beijing Gas Blue Sky Holdings limited owns 1 billion shares of FTXP about 32% of the Company; investors are speculating Beijing Gas Blue Sky Holdings limited is seeking to access the booming US oil and gas markets. For the six months ended 30 June 2020 (HY2020), Beijing Gas Blue Sky Holdings limited recorded revenue of HK$1,212.6 million In HY2020, recorded total gas sales volume of 342.0 million cubic meters, of which gas sales volume of direct supply service increased significantly by 132.4% as compared to the corresponding period of last year to 52.3 million cubic meters. 

Foothills Exploration, Inc.Foothills Exploration Inc (OTCMKTS: FTXP) is a growth stage oil and gas exploration company. The Company’s principal asset located in the Wind River Basin, Wyoming, consists of approximately 16,000 acres of highly prospective development acreage. The Company’s initiative is to generate high-impact oil and gas exploration projects focused on natural gas. FTXP is currently working on a strategic plan to exploit its Wind River Basin project in Fremont County, Wyoming. The Company intends to actively pursue other natural gas projects once the Wind River Basin project finds a partner and begins its work program. 

PictureThe Board is excited about the Wind River Basin project, where a third-party engineering firm issued an assessment that indicates Prospective Resources of approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk).  

On March 22 Foothills released an update on the Company’s compliance and financial filings status as well as balance sheet initiatives for the remainder of calendar year 2021. The Company’s main focus is becoming OTC compliant, and creating a successful path towards building a natural gas exploration company participating in the global energy transition. 

The Company is working to become current on the OTC Pink Sheets in the coming months in compliance with Securities and Exchange Commission (SEC) Rule 15c2-12 promulgated under Section 15(c) (2) of the Securities Exchange Act of 1934, which contains disclosure and continuing disclosure requirements applicable to the Company’s securities and requiring that such disclosures be made by June 30, 2021. The Company has a comprehensive plan in place to meet the June 30th deadline and will provide future announcements to update the market periodically on its progress. The Company is continuing to work with its remaining convertible noteholders to negotiate, settle and retire all the Company’s outstanding convertible debt as part its ongoing efforts to address future dilution, create value and generate long-term growth for shareholders. 

For the remainder of 2021, Foothill’s strategy is to settle and eliminate the Company’s outstanding variable rate convertible debt to clean up its balance sheet and better position the Company for future growth. To that end, the Company has reached settlement and mutual release agreements with both Power Up Lending Group, Ltd. and FirstFire Global Opportunities Fund, LLC, to retire the variable rate convertible loans issued to both lenders. On March 19, 2021 the Company made a satisfactory payment to settle and retire two convertible notes issued to PowerUp: (a) 12% convertible note dated June 17, 2019, in the principal amount of $113,000 and (b) 12% convertible note dated July 17, 2019, in the principal amount of $78,000. The Company also reached a settlement and mutual release agreement with Firstfire to retire its senior secured 10% convertible promissory note in the principal amount of $705,882.35, issued on March 4, 2019 and made the first of six installment payments towards that settlement agreement. The Company made the initial payment under the terms of the settlement agreement on March 19, 2021 with the final installment payment due on October 5, 2021, after which time all sums due to Firstfire pursuant to its senior secured convertible note and associated security instruments will be thereafter extinguished and terminated. Foothills expects these note settlements and debt payments to have a significantly positive impact on the Company’s balance sheet and help minimize shareholder dilution risk moving forward. The Company is also working with its other variable rate convertible lenders to reach similar settlement and release agreements enabling Foothills to further minimize future shareholder dilution risk. 

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FTXP

On March 19, 2021, the Company closed on a financing with Labrys Fund, L.P. for a 12% convertible promissory note in the principal amount of $535,000.00, providing the Company with a net of $452,000.00 after 10% original issue discount (OID), legal fees, and broker fees (the “Note”). The loan maturity date is March 18, 2022, and is the date on which the principal sum, the OID as well as any accrued and unpaid interest and other fees, shall be due and payable. If the Note is not repaid or refinanced, the Note is convertible into shares of the Company’s common stock at a fixed price of $0.0055 per share. The Note also has full warrant coverage with an exercise price that is 110% of the closing stock price the day prior to the Issuance Date, subject to down round protection (non-toxic) and reverse split adjustment with respect to exercise price. The warrants have a 5-year term and will allow for the purchase of 116,304,347 shares at a price of $0.0046 per share. 

On March 30 FTXP announced the formation of a new subsidiary, New Energy Ventures, LLC, aimed at participating in the transformation of the energy sector. New Energy Ventures’ mission involves partnering with entrepreneurial and talented management teams to develop different technologies for a sustainable and energy efficient low carbon future. The Company’s core area of focus is power generation and oil field clean-tech applications. New Energy Ventures will initially aim to partner with innovative venture and emerging growth companies focused on carbon capture, blue and green hydrogen production, oil field clean tech, and deep geothermal exploration. Embracing the Energy Transition to Stay Competitive in the New Normal. Current data indicates global demand for oil and natural gas will continue beyond 2050 albeit a number of carbon-emissions reduction targets and mandates have been developed globally. 

Key U.S. states like California and New York have developed stated emissions reductions targets to fall in line with the Paris Agreement by 2050. The Biden administration has also once again signed the Paris Agreement on behalf of the United States and federal emissions reductions targets are currently being developed. CEO Kevin J. Sylla stated: “The Company aims to capitalize on the evolving landscape of energy policy and take part of the strong growth outlook for the future of zero-carbon emission projects and clean energy tech. New Energy Ventures will focus on transformative energy sources and disruptive oilfield clean technologies. We are not abandoning our core principles but instead expanding our horizons and building a greater platform and robust foundation to create shareholder value,” continued Sylla. 

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FTXP is making a powerhouse run up the charts in recent months skyrocketing off its double zero lows to highs well over a penny. FTXP has massive liquidity trading well over a billion shares and well over $10 million USD in dollar volume on Monday alone. The stock has been under heavy accumulation and has attracted legions of new shareholders in recent weeks. FTXP has been rocketing up the charts in recent months as a new era of penny stock speculators fueled by robinhood and its 100 million new trading accounts take on the bulletin boards. These are different times than just a few short years ago; now penny stocks such as TSNP can achieve a $6 billion plus market valuation and trade $375 million in dollar volume in a day on the bulletin boards. And TSNP has no stronger fundamentals than FTXP has. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index hitting a high of US$67.98 per barrel recently, a level it hasn’t traded at since 2018. Currently under heavy accumulation FTXP is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars. FTXP recently began the process of reorganization. The Company is working to become current on the OTC and is looking to eliminate the Company’s outstanding variable rate convertible debt to clean up its balance sheet and better position the Company for future growth. To that end, the Company has reached settlement and already paid off a number of cd in recent weeks. FTXP is looking to develop its approximately 16,000 acres of highly prospective development acreage called the Wind River Basin project in Fremont County, Wyoming. The Board is excited about this prospective exploration project, where a third-party engineering firm issued an assessment that indicates Prospective Resources of approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk). Currently Beijing Gas Blue Sky Holdings limited owns 1 billion shares of FTXP about 32% of the Company; investors are speculating Beijing Gas Blue Sky Holdings limited is seeking to access the booming US oil and gas markets. For the six months ended 30 June 2020 (HY2020), Beijing Gas Blue Sky Holdings limited recorded revenue of HK$1,212.6 million In HY2020, recorded total gas sales volume of 342.0 million cubic meters, of which gas sales volume of direct supply service increased significantly by 132.4% as compared to the corresponding period of last year to 52.3 million cubic meters.  We will be updating on FTXP when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with FTXP.

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Disclosure: we hold no position in FTXP either long or short and we have not been compensated for this article.

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