Foothills Exploration Inc. (OTCMKTS: FTXP) Stock Sees Higher Selling Pressure
Foothills Exploration Inc. (OTCMKTS: FTXP) fell 15% after announcing the signing of a participation contract with an operator in the Illinois basin.
On Wednesday, FTXP stock fell 15.38% to $ 0.0011 with more than 413.36 million shares, compared to its average volume of 225.98 million shares. The stock traded in a range of $ 0.0010 to $ 0.0014 after the trade opened at $ 0.0013.
The company’s subsidiary, Anaconda Energy LLC, has entered into an agreement with Benchmark Properties Ltd, based in Illinois, for the development of the Ste Marie West Prospect located in Jasper County. in exchange for financing 50% of all the costs of the well refurbishment and reworking in order to rehabilitate Aux Vase Sand (2 719-2 730). Notably, the parties also discovered a multi-story payout area on the prospect of approximately 3,500 feet of drilling targeting McClosky Limestone.
Anaconda Energy CEO and Foothills Exploration Director Alex Hemb said they are working with their partner to identify further infill drilling and reloading opportunities across the basin. The partnership will employ experts with more than 40 years of experience in the exploration and exploitation of the basin. Thus, in the coming months, investors should take an interest in FTXP.