Foothills Exploration announces acquisiton of Uinta-Piceance basin assets
DENVER -- Foothills Exploration, Inc., an independent oil and gas exploration company engaged in the acquisition and development of oil and gas properties in the Rockies, today announced that it has entered into a purchase and sale agreement with an undisclosed seller.
This acquisition bolsters the Company’s current acreage position in the Rockies and specifically in the Uinta-Piceance basin to over 100,000 acres, while adding significant proven reserves and expanding proven undeveloped drilling inventory. This transaction is a continuation of the Company executing on its oil and gas roll-up strategy in its core focus area.
- 67,330 gross acres, 49,600 net acres, 100% held by production
- 85 total wells, 31 actively producing, 54 shut-in wells
- Delivers 100% working interest, 87% net revenue interest
- Working interest includes operating and non-operating interest
- 66 wells to be operated by Foothills, 19 wells non-operated
- Significant resource opportunity in the Mancos with developing horizontal play
- Transaction expected to close by the end second-quarter 2017
This acquisition delivers existing infrastructure as well as immediate revenue and cash flow to the Company. The Company has identified several shut-in wells to bring back into production within 90-days post completion of the acquisition. Lastly, the transaction provides the Company with a solid footprint in the Uinta-Piceance basin with several potential bolt-on acquisitions in the immediate area.