Foothills Resources, Inc. announced that it had commenced the acquisition of a 3D seismic survey over the Grizzly Bluff natural gas field in the Eel River Basin, Humboldt County, California.
Data acquisition started on January 9th and is expected to be completed in approximately ten days. An area of about 13 square miles is being imaged by this survey which is being conducted by Quantum Geophysical, Inc. for Foothills. This 3D seismic data will provide for an efficient development of the Grizzly Bluff field.
Foothills President John Moran noted, “The capability to image the subsurface rock structures in three dimensions should (i) enhance our ability to direct development wells to the optimal subsurface locations to penetrate the maximum number of gas bearing formations, (ii) reduce drilling costs, and (iii) guide our efforts to expand the development potential of the area. Technical analysis of the data should also significantly improve drill site selection for the deeper exploratory part of the Grizzly Bluff prospect that we expect to drill later this year. This part of the prospect was proven to contain natural gas by a Chevron well drilled in 1971. In addition, consistent with a previous 2D seismic analysis in the area, we expect the computer analysis of the 3D data to yield direct detection of natural gas bearing zones.
“Acquisition of the 3D seismic survey represents a major step forward in our long term plans for the Grizzly Bluff field.”
About Foothills Resources, Inc.
Foothills Resources, Inc. is a growth oriented independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas opportunities. Its present business activities commenced in April 2006, following the concurrent completion of a merger transaction and a private placement financing.
Our business strategy is to identify and exploit low-to-moderate risk resources in and adjacent to existing or indicated producing areas that can be quickly developed and put on production, including the acquisition of producing properties with exploitation and exploration potential in these areas. We will also take advantage of our expertise to develop exploratory projects in focus areas and to participate with other companies in those areas to explore for oil and natural gas using state-of-the-art 3D seismic technology. Our management will use its extensive domestic and international oil and gas experience and our relationship with the well-known energy consulting group Moyes and Co., Inc. (http://www.moyesco.com) to establish and grow the company.
Additional information on Foothills Resources is available at http://www.foothills-resources.com.
For more information contact:
Bruce Nurse, Investor Relations
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Source: Foothills Resources, Inc.