Shares of Foothills Exploration Inc [OTC: FTXP] were soaring at the last close as they leapt 40.48% to $0.0059. Volumes for the Foothills Exploration stock were 393.84M as compared with 222.93M for the 30-day Average. During the last 52-weeks, the FTXP stock value varied between $0.0001 and $0.0104. The rise in FTXP stock followed a shareholder update on the business plans.
What FTXP has shared?
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Oil and gas exploration company Foothills Exploration, Inc. is in its early stages of development. One of the Company’s primary assets is located in the Wind River Basin in Wyoming. A huge portion of the asset consists of high potential development acreage spanning over 16,000 acres of area. The Company’s goal is to start natural gas-focused high-impact oil and gas exploration projects.
Yesterday, Foothills Exploration updated shareholders on the Company’s compliance and financial filing status as well as the Company’s plans for balance sheet initiatives by year’s end as per the following details:
Compliance & Financial Filings:
- Within the next few months, the FTXP will start compliance with Security and Exchange Commission regulations by gaining “Current” status on the OTC Pink Sheets.
Balance Sheet Initiatives:
- In order to improve its balance sheet and position the Company for future growth, Foothill will settle and eliminate its outstanding variable rate convertible bonds by the end of 2021.
- PowerUp Lending Group, Ltd. (“PowerUp”), and FirstFire Global Opportunities Fund, LLC, (“First fire”), have reached a settlement and release agreements containing a transition plan to realize the FTXP’s variable rate convertible loans.
- FTXP made a satisfactory payment of $113,000 and $78,000 on March 19, 2021, to settle and retire two convertible notes issued to PowerUp Lending Group.
- In addition to reaching an agreement with FirstFire Global Opportunities Fund, the Company made the first of six installment payments in settlement of its senior secured note in the principal amount of $705,882.35.
- Under the terms of the settlement agreement, the Company made its initial payment to First fire on March 19, 2021. All outstanding payments to First fire will be paid off by October 5, 2021.
- Another financing was closed on March 19, 2021, when the FTXP closed a convertible promissory note for $535,000.00 with Labrys Fund, L.P.
Main objective of current moves:
The primary objective of Foothills Exploration (FTXP) is to become OTC compliant and to establish a successful path towards addressing the global energy transition through natural gas exploration and production for the FTXP’s growth ahead.