FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
On May 11, 2017, Foothills Exploration, Inc. (the Company),
announced that it had entered into a purchase and sale agreement,
with an undisclosed seller, to acquire certain Utah and Colorado
oil and gas assets that following acquisition will bolster the
Companys holdings to over 100,000 acres in the Rockies.
Under this agreement, the Company will:
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acquire 67,330 gross acres (49,600 net acres) held by production, |
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obtain 85 total wells, of which 31 are actively producing, and 54 are shut-in, |
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operate 66 of these wells, while 19 of these wells will be non-operated. |
This acquisition, anticipated to close by or before June 30,
2017, is expected to deliver immediate revenue. Closing of the
transaction is subject to traditional representations,
warranties, covenants and adjustments including, but not limited
to lien releases, cures of any defective title matters,
satisfaction of leases and amendments thereto, as well as certain
adjustments for pre-closing expenditures and oil in storage,
along with receipt of any required government consents, among
other matters. No assurance can be given that the transaction
will close on the terms provided or at all.
Item 8.01 Other Items
On May 11, 2017, the Company issued a press release announcing
the purchase and sale transaction. A copy of the press release
entitled Foothills Exploration, Inc. Announces Acquisition of
Uinta-Piceance Basin Assets Bolstering Current Acreage Position
to Over 100,000 Acres in the Rockies is attached to this Current
Report on Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release issued by the registrant on May 11, 2017. |
About FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP)
Foothills Exploration Inc, formerly Key Link Assets Corp., is a shell company. The Company’s business plan is to acquire small and medium grocery stores in non-urban locales that are not directly served by large national supermarket chains. The Company plans to acquire grocery stores that are approximately 15,000 to 20,000 square feet in size. The Company seeks to drive additional customer traffic to its acquired grocery stores and expand their operating margins through the introduction of new products and services to those stores that lack them, including pharmaceutical services, floral departments, gasoline and other automotive products, prepared foods, lottery service and alcoholic beverages. The Company’s stores will sell non-perishable, perishable and non-food products. The products include various categories, such as grocery, frozen and dairy; produce; meat and seafood; bakery; floral; beer, wine and spirits, and health and beauty care. FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP) Recent Trading Information
FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP) closed its last trading session down -0.04 at 1.02 with 6,800 shares trading hands.