#ESG #Stocks in the News: Foothills Exploration Inc. (OTC: $FTXP) Forms
New Subsidiary To Participate In Global #Energy Transition; @Foothills_FTXP
LOS
ANGELES, March 31, 2021– (Investorideas.com
newswire
, Renewableenergystocks.com and Oilandgasstocknews.com ) Foothills
Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries,
("Foothills," or the "Company"), an oil and gas exploration
company today announced the formation of a new subsidiary, New Energy Ventures,
LLC, (“New Energy Ventures”) 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. Our 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.
Read this news,
featuring FTXP in full at https://www.investorideas.com/news/2021/renewable-energy/03311Foothills-Exploration-Energy-Transition.asp
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.
“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,” said Kevin J. Sylla, the Company’s Executive
Chairman. “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.
Natural
Gas Exploration and Development
Company
management views natural gas as integral part of the future of energy as the
world moves to net-zero emissions and considers natural gas critical to our
nation’s energy security. There are potential unintended consequences to the
strategy to ‘electrify everything’ with an overreliance on electrification as
the sole path to net-zero.
The
Company 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.
SEC
Rule 15-2c-12 Compliance and Balance Sheet Initiatives
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.
About the Company
Foothills
Exploration, Inc. is an 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 exploration projects focused on
natural gas. For additional information please visit the Company’s website at www.foothillspetro.com.
Forward-Looking
Statements
All
statements, other than statements of historical facts, included in this release
that address activities, events or developments that we expect, believe or anticipate
will or may occur in the future are forward-looking statements. These
statements are based on certain assumptions we made based on management's
experience, perception of historical trends and technical analyses, current
conditions, capital plans, drilling plans, production expectations, our ability
to raise adequate additional capital, or enter into other financing
arrangements to support our acquisition, development and drilling activities,
anticipated future developments, and other factors believed to be appropriate
and reasonable by management. When used in this release, words such as
"will," “possible,” "potential," "believe,"
"estimate," "intend," "expect," "may,"
"should," "anticipate," "could,"
"plan," "predict," "project,"
"profile," "model," "strategy,"
"future" or their negatives or the statements that include these
words or other words that convey the uncertainty of future events or outcomes,
are intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. In particular,
statements, express or implied, concerning our future operating results and
returns or our ability to acquire or develop proven or probable reserves, our
ability to replace or increase reserves, increase production, or generate
income or cash flows are forward-looking statements.
Forward-looking
statements are not guarantees of performance. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond our
control. While forward-looking statements are based on assumptions and analyses
made by us that we believe to be reasonable under the circumstances, whether
actual results and developments will meet our expectations and predictions
depend on a number of risks and uncertainties which could cause our actual
results, performance, and financial condition to differ materially from our
expectations. As a result, no assurance can be given that these assumptions are
accurate or that any of these expectations will be achieved (in full or at all)
or will prove to have been correct. We have had sporadic and limited revenue
and our securities are subject to considerable risk. Investors are cautioned to
review FTXP’s filings with the Securities and Exchange Commission for a discussion
of risk and other factors that affect our business. Any forward-looking
statement made by us in this news release speaks only as of the date on which
it is made. Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict all of them.
We undertake no obligation to publicly update any forward-looking statement,
whether as a result of new information, future development or otherwise, except
as may be required by law.
Investor Contact
Christopher Jarvis
EVP of Finance
(800) 204-5510
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