LOS ANGELES, CA, September 16, 2021 (GLOBE NEWSWIRE) – Foothills Exploration, Inc. (OTC: FTXP) (“Foothills” or the “Company”), an oil and gas exploration and development company focused on supplying the energy needs of today and tomorrow, announced today that it has engaged an independent registered public accounting firm and that its subsidiary, New Energy Ventures, has entered into a memorandum of understanding binding (“PE”) with Pristine Energy, Inc. (“Pristine” or “Pristine Energy”) to participate in exploration for natural hydrogen in Canada.
The Company recently re-engaged RBSM, LLP, its historical auditor, to perform audits of the financial statements of Foothills and its subsidiaries under US GAAP and PCAOB standards for the previous two years with a view to becoming a fully reporting public company in accordance with the Rules and Regulations of the United States Securities and Exchange Commission (“SEC”). This is an important step for the company towards becoming a fully SEC-reporting public company and ultimately the company’s intention to resume trading on the OTCQB.
Foothills is currently evaluating several potential acquisitions of oil and gas producing properties in the Mid-Continent and the Rockies. Foothills seeks assets with long-term reserves, low operating costs and upside potential downstream. The Company is engaged in ongoing discussions with several operators and owners of certain non-core operated interests seeking to divest themselves. The acquisition of one or more oil and gas producing properties to add to its portfolio is the Company’s primary objective for the remainder of 2021. There can be no assurance that Foothills’ efforts will result in any property acquisition. specific or a particular result or its Schedule. Foothills does not intend to make any future announcements regarding this process or these developments unless and until its Board of Directors has approved an acquisition of specific properties or the Company has otherwise determined that a further disclosure is appropriate or required by law.
Obligatory Memorandum of Understanding
New Energy Ventures, LLC (“New Energy Ventures” or “NEV”), an indirect wholly owned subsidiary of Foothills, has signed a binding memorandum of understanding with Pristine to participate in natural hydrogen exploration in Canada as part of of a related party transaction.
Pristine Energy has identified an area of interest located in the Canadian provinces of Ontario and Quebec that is promising for natural hydrogen (the “White Lightening Prospect”). Pristine and NEV jointly seek to acquire 100,000 acres in the White Lightening Prospect area with the goal of discovering and producing natural carbonless hydrogen at a fraction of the current cost of producing green hydrogen, which is made by electrolysis. using renewable energies.
Binding MOU grants NEV the exclusive right, until December 31, 2021, to invest up to US $ 7.5 million at interest of up to seventy-five percent (75%) in the White Lightening Prospect. Foothills will seek non-dilutive project financing and other strategic alternatives to fund exploration efforts. The funds will be used as mutually agreed upon by NEV and Pristine for land leasing, geological and geophysical appraisal and delineation, drilling and other costs and expenses necessary to further develop the White Lightening prospect. In March 2021, Pristine was selected as a regional finalist for Southern California in the 11e Annual Harvard Business School Alumni New Business Competition.
“This MOU works in tandem with the previously announced joint venture between NEV and Perspectum Drone Inspection Services Ltd. (“PDIS”) to develop and commercialize PDIS’s drone natural hydrogen sensing technology, ”said Tara Roberts, CEO of New Energy Ventures. . “This is the first in a series of planned clean energy transactions the company is cultivating to meet the energy needs of today and tomorrow in accordance with our new corporate mission statement,” Roberts continued. “This transaction complements the Company’s plans to develop its Wind River Basin project and the acquisition of producing oil and gas properties with attractive valuations,” said BP Allaire, CEO of Foothills.
Hydrogen, the most abundant element on Earth, has become a key element in the global energy transition to zero carbon energy and offers many opportunities for attractive financial returns. Hydrogen is also gaining unprecedented economic and political momentum globally as an alternative net zero energy carrier and as a complement to the “electrify everything” movement. Bank of America predicts that the hydrogen industry is at a crossroads and heading towards $ 11 trillion, with hydrogen production expected to increase 5,000% by 2026. Global demand for clean energy and green continues to increase rapidly, coupled with the need to optimize production and minimize greenhouse gas emissions. Energy companies will increasingly need to embrace the concept of clean technology by focusing on both the tools and the processes to solve such challenges.
The field of exploration for natural (or native) hydrogen has recently emerged on the international scene as a potentially viable alternative production method whose costs are expected to be significantly lower than those of steam methane reforming (“gray hydrogen “) And electrolysis using renewable energies (” green hydrogen “”). Natural hydrogen is clean and carbon-free with estimated production costs of around $ 0.75 per kilogram, or about 1/8e the current cost of producing green hydrogen.
On Foothills Exploration, Inc.
Foothills Exploration, Inc. (“FTXP” or the “Company”), is an oil and gas exploration and development company focused on meeting the energy needs of today and tomorrow. The Company’s strategy is to build a balanced portfolio of assets through two main initiatives. The first initiative is to generate high impact oil and gas exploration projects. The second is to invest in hydrogen and geothermal projects for a low-carbon future through its New Energy Ventures division by identifying areas where the Company can contribute to a viable, realistic and balanced future energy mix. For more information, please visit the Company’s website at www.foothillspetro.com.
On Pristine Energy, Inc.
Pristine Energy, Inc., is a privately held Wyoming company and a pioneer in natural hydrogen exploration that is fueling the global energy transition with natural hydrogen research and development. Pristine’s mission is to decode, explore and develop natural hydrogen in commercial quantities. For more information, please visit the Pristine website at www.pristine.energy.
All statements, other than statements of historical fact, included in this press release that deal with activities, events or developments that we expect, believe or anticipate will occur or may occur in the future are forward-looking statements. These statements are based on certain assumptions we have made based on management’s experience, perception of historical trends and technical analysis, current conditions, investment plans, drilling plans, expectations production, our ability to raise adequate additional capital or to enter into other financing arrangements to support our acquisition, development and drilling activities, anticipated future developments and other factors deemed appropriate and reasonable by the direction. When used in this version, words such as “will”, “possible”, “potential”, “believe”, “estimate”, “intend”, “expect”, “could “,” should “,” anticipate “,” could “,” plan “,” predict “,” project “,” profile “,” model “,” strategy “,” future “or their negative aspects or statements that include these words, or other words which convey the uncertainty of future events or results, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, statements, express or implied, regarding our future operating results and performance 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. Although forward-looking statements are based on assumptions and analyzes that we have made and that we believe are reasonable under the circumstances, the question of whether actual results and developments will meet our expectations and predictions depends on a number of risks. and uncertainties that could cause our actual results, performance and financial position to differ materially from our expectations. Accordingly, no assurance can be given that these assumptions are correct or that any of these expectations will be fulfilled (all or not at all) or turn out to have been correct. We have had sporadic and limited income and our securities are subject to considerable risk. Investors are urged to review the documents filed by FTXP with the over-the-counter markets for a discussion of the risks and other factors that affect our business. Any forward-looking statements we make in this press release speak only as of the date on which they are made. Factors or events that could cause our actual results to vary may occur from time to time, and we cannot predict all of them. We assume no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Executive Vice President of Finance