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Brief -- Foothills Exploration

May 11, 2017
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Denver-based Foothills Exploration Inc. said it will purchase 67,330 gross acres (49,600 net) in the Uinta-Piceance Basin from an undisclosed seller. Financial details were not released. The acreage is 100% held by production, and the deal includes 85 wells, 31 of them producing and 54 of them shut-in. All but 19 of the wells will be operated by Foothills. The deal, which would deliver 100% working interest (87% net revenue interest), "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 proved undeveloped drilling inventory," Foothills said. The deal is expected to close by the end of June. 

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