LOS ANGELES, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (FTXP) (the “Company,” or “Foothills”), an independent oil and gas exploration company engaged in the acquisition and development of natural gas and oil properties in the Rockies today announced the formation of an independent Board of Advisors (“Advisory Board”) and the appointment of Daniel Kunz as its inaugural member.
“We believe that Mr. Kunz’s extensive public company experience and his knowledge of the natural resources industry, combined with his familiarity of global capital markets, will bring tremendous value to the Company and aid in our success,” said Kevin Sylla, the Company’s Executive Chairman. “We hope to leverage Mr. Kunz’s international experience and business acumen as we continue to analyze and evaluate new opportunities”, added Sylla. “The formation of an Advisory Board extends the focus of both the Board and management, as we work to build a portfolio of quality natural gas and oil assets with valuable reserves and significant development potential,” continued Sylla. "Each member of the Advisory Board will bring incredible knowledge and experience, producing an immediate impact on Foothills. This signals our continued commitment to grow the Company, which is capable of creating significant shareholder value, by bringing the brightest minds and best talent available to maximize our strategy of acquiring new properties, with a particular focus on natural gas," ended Sylla.
FTXP Advisory Board
The Advisory Board’s primary purpose is to provide senior management and the Board of Directors with strategic advice on the implementation and execution the Company’s natural gas acquisition strategy and the pathway to eventually up-listing to the Nasdaq or NYSE. The Advisory Board will also provide advice and recommendations to senior management and the Board of Directors regarding strategy and opportunities to enhance value. The Advisory Board will be comprised of at least three independent members, each with extensive natural resources and capital markets experience, to serve as resources that will allow the Board of Directors to make more effective business decisions.
About Daniel Kunz
Daniel Kunz has more than 25 years’ experience navigating the complexities of global financial markets, while significantly growing shareholder value. Mr. Kunz has a distinguished career in national and international construction, engineering, geothermal energy, mining and natural resource development. He has extensive senior management and corporate governance experience with public companies. Mr. Kunz is currently Managing Partner of Daniel Kunz & Associates, LLC, a natural resource-focused consulting firm and he is also a member of the board of directors of several natural resource exploration and development companies, including chairman of the audit committee of Silver Bull Resources, Inc. (SVBL).
From its inception in 2003 until mid 2013, Mr. Kunz served as President, Chief Executive Officer and Director of U.S. Geothermal, Inc., which was recently acquired by Ormat Technologies (ORA) for $110 million. U.S. Geothermal, Inc. is an independent power producer with three owned and operated binary-cycle plants that produce 45 MWs of base load power. As a founder of and key investor in U.S. Geothermal, Mr. Kunz positioned the company for growth in clean electric power generation, hired and led an operating team that constructed the first commercial geothermal power plant in Idaho and the Pacific Northwest, and grew the company into a profitable, sustainable enterprise.
During the mid 1990s to the mid 2000s, Mr. Kunz was a senior executive and then President and director of Ivanhoe Mines, Ltd., now called Turquoise Hill Resource Ltd (TRQ), and was part of the management team that discovered Oyu Tolgoi in Mongolia, one of the world’s largest copper-gold deposits. During Mr. Kunz’s nearly 8-year tenure at Ivanhoe, the market capitalization value increased from $400 million to $4 billion.
In 1995, the University of Montana Tech (formerly the Montana College of Mineral Science and Technology) named Mr. Kunz as a Distinguished Alumni of the Year. He earned B.Sc. in Engineering Science from Montana Tech and an MBA from Boise State University.
About the Company
Foothills Exploration, Inc. is a growth stage oil and gas exploration and production (E&P) company with a focus in the acquisition and development of undervalued and underdeveloped properties in the Rockies. The Company’s principal assets are located across well-established plays in the U.S. Rocky Mountain region. For additional information please visit the Company’s website at www.foothillspetro.com.
All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions we made based on management's experience, perception of historical trends and technical analyses, current conditions, capital plans, drilling plans, production expectations, our ability to raise adequate additional capital, or enter into other financing arrangements to support our acquisition, development and drilling activities, anticipated future developments, and other factors believed to be appropriate and reasonable by management. When used in this release, words such as "will," “possible,” "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," "strategy," "future" or their negatives or the statements that include these words or other words that convey the uncertainty of future events or outcomes, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, statements, express or implied, concerning our future operating results and returns or our ability to acquire or develop proven or probable reserves, our ability to replace or increase reserves, increase production, or generate income or cash flows are forward-looking statements.
Forward-looking statements are not guarantees of performance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. As a result, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. We have had sporadic and limited revenue and our securities are subject to considerable risk. Investors are cautioned to review FTXP’s filings with the Securities and Exchange Commission for a discussion of risk and other factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.