Foothills Exploration reports successful completion, flow testing of horizontal well in Utah
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, reported today the successful drilling, completion and flow testing of the Stagecoach 111-20H horizontal well, now producing natural gas in commercial quantities.
The Stagecoach 111-20H well is operated by EOG Resources, Inc., and Foothills owns 21% Working Interest in the well. The well has been online for over 30 days and production tubing is expected to be set in the near term. The well has been classified by the operator as Confidential with the State of Utah Division of Oil, Gas and Mining, and consequently only limited data can be provided.
"We are excited about the Stagecoach drilling results. This successful horizontal well will quickly generate production and cash flow, which is expected to payout within 30 months," stated Kevin Sylla, the company's executive chairman. "Foothills will continue to look for additional non-operated positions and drilling interests with other world-class operators to complement our continuing focus of acquiring producing oil and gas properties in the Rockies," continued Sylla.
"In addition to diversifying the Company's oil and gas assets, we believe natural gas market fundamentals have improved materially over the last 12-months, driven by record exports to Mexico and foreign sales of LNG, coupled with a strong heating season that has storage levels well below the five-year average," stated Chris Jarvis, the company's executive V.P. of finance. "These conditions bode well for natural gas prices to remain firm over the near-term and throughout the rest of 2018," continued Jarvis.