Numerous shut-in wells in northeastern Oklahoma will be put back into production under a plan announced this week by a California-based company, Foothills Exploration Inc.
Foothills Exploration has closed on the acquisition of 100% interest in Jubilee Exploration, an Oklahoma limited liability company, which owns 545 shut-in or stranded oil and gas wells situated on multiple leases located in northeastern Oklahoma and southeastern Kansas.
The assets provide Foothills with a platform to deliver double-digit growth in production, reserves, and revenues in 2023 and 2024. The acquisition includes substantial reserves behind pipe, infrastructure in place to drive low-cost development and natural gas weighted assets.
Reflecting broader trends in the global market, Foothills Exploration said Friday it would rework hundreds of recently acquired wells across Kansas and Oklahoma to produce more natural gas.