Foothills Exploration Inc. provided an update on the successful drilling, completion and flow testing of its Stagecoach 117-20H well that produces commercial quantities of natural gas on Feb. 28.
The Stagecoach 117-20H is the second well drilled and operated by EOG Resources (NYSE: EOG) in which Foothills owns a 21% working interest.
The well has been online for over 60 days producing natural gas. The well has been classified by EOG as confidential with the State of Utah Division of Oil, Gas and Mining, therefore limited data can be provided.
The company has engaged HS Energy Advisors LLC, as its non-exclusive placement agent and advisor to assist in funding its projects in the Uinta Basin and Foothills’ overall effort to secure $50 million in growth capital to fund the company’s next stage of growth.
Foothills, along with its advisor, HS Energy, are evaluating a wide range of financing options, and particularly non-dilutive alternatives such as debt, project level financing and joint ventures.
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