Foothills Exploration acquires 21 oil and gas wells in Oklahoma
(WO) — Foothills Exploration, Inc. has acquired four leases and 21 shallow oil and gas wells located in Comanche County, Oklahoma. These stripper wells have an average depth of 1,200 ft. and primarily produce from the Granite Wash formation.
The oil and gas exploration company’s return-to-production program on these properties will consist of cleaning out existing wellbores, facility maintenance, electrical work and flowline repair work, which is expected to deliver collective production rates of 20-25 bopd for all wells.
Return-to-production operations are scheduled to begin immediately, and each well is expected to return to production systematically, with new production projected to begin coming online sometime during the week of Feb. 20th.
Based on baseline projections and $75 oil prices, the Foothills expects to generate approximate revenues of $432,000 from these properties over the next 12 months. WHZ Oil & Gas, LLC, an indirect subsidiary of the company, will operate the properties.
Foothills Exploration is currently evaluating several additional oil-weighted properties in the area for potential bolt-on acquisitions. The company also executed two additional agreements for certain asset acquisitions in Kansas and Oklahoma, which will significantly add to the Company’s total well inventory and reserves.