LOS ANGELES, CA, May 16, 2022 (GLOBE NEWSWIRE) — Foothills Exploration, Inc. (OTC: FTXP) (“Foothills” or the “Company”), an oil and gas exploration and development company focused on meeting the energy needs of today and tomorrow, is pleased to announce an update on its joint venture with Perspectum Drone Inspection Services, Ltd. (“Perspective”).

Exploration for natural hydrogen is gaining momentum globally as demand for low-cost, carbon-free hydrogen continues to grow exponentially. For example, in the state of South Australiabecause February 2021, a total of 18 exploration licenses have been granted or applied for by six different companies seeking natural hydrogen on lands covering approximately one-third of the state. The Company plans to begin marketing the joint venture’s drone reconnaissance services for the delineation of the lands contained in these 18 exploration concessions. The Company, through its joint venture, also plans to begin unmanned aerial surveys over the lands of the White Lightning Prospect through its participation agreement with Pristine Energy, Inc.

Update on Joint Venture with Perspectum

HHe Exploration Technologies, Ltd. (the “Joint Venture”, the “JV” or “HHe”) integrated its hydrogen sensor into its unmanned aerial vehicle (“UAV”) and was flight tested to assess the navigation and stability performance of the platform. Field testing under optimal conditions continues, but to date HHe has experienced unusually cold and snowy spring weather conditions at its test site. He expects to be in the field testing the sensor detection and mapping software in the coming days.

HHe believes that the combination of optical gas imaging and ambient air analysis provides a new solution for identifying hydrogen in the tiniest volumes and concentrations. Additionally, a collaboration with a research and technology industry partner allows the joint venture to evaluate next-generation drones, which will have heavier payload capacity, extended flight times and capabilities. fully autonomous navigation. These advanced platforms will enable multi-sensor network capabilities of existing and future technologies resulting in the most advanced data acquisition possible.

“We are very pleased with our progress to date on the development of our purpose-built UAV platform,” said Ty Pfeifer, President of HHe “With the accelerating demand for our services, we continue to evaluate innovative technologies, which will keep us at the forefront of hydrogen and helium detection,” continued Pfeifer. “In addition to our ongoing evaluation of new sensor technologies, we also understand the need for more sophisticated UAVs and have ongoing collaboration with one of Canada’s most advanced technical institutes on this issue,” concluded Pfeifer.

About Natural Hydrogen

The field of natural hydrogen (or “gold/white”) exploration has recently emerged on the international stage as a potentially viable alternative hydrogen production method with costs expected to be significantly lower than methane reforming at steam (“grey hydrogen”) and electrolysis using renewable energies. energy (“green hydrogen”). Natural hydrogen is clean and carbon-free with production costs estimated at around $0.75 per kilogram, or about 1/8th of the current cost of producing green hydrogen.

Hydrogen is also gaining unprecedented economic and political momentum globally as an alternative net-zero energy carrier and complement to the “electric everything” movement. Bank of America predicts the hydrogen industry is at a tipping point and heading towards $11 trillionwith hydrogen production expected to increase by 5,000% by 2026. Global demand for clean and green energy continues to grow rapidly, coupled with the need to optimize production and minimize greenhouse gas emissions. greenhouse.

FForward-looking statements

All statements, other than statements of historical fact, 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 made by us based on management’s experience, perception of historical trends and technical analysis, current conditions, capital plans, drilling plans, expectations of production, 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 deemed appropriate and reasonable by the direction. When used in this release, words such as “will”, “possible”, “potential”, “believes”, “estimates”, “intends”, “expects”, “may” , “should”, “anticipate”, “could”, “plan”, “predict”, “project”, “profile”, “model”, “strategy”, “future” or their negatives or statements that include these words or other words that convey uncertainty of future events or results, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. 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 revenue or cash flow are forward-looking statements . .

Forward-looking statements are not guarantees of performance. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Although forward-looking statements are based on assumptions and analyzes made by us that we believe are reasonable under the circumstances, whether actual results and developments will meet our expectations and forecasts depends on a number of risks and uncertainties that could cause our actual results, performance and financial condition to differ materially from our expectations. Accordingly, no assurance can be given that these assumptions are correct or that any of these expectations will be realized (in whole or at all) or prove to be correct. We have had sporadic and limited income and our securities are subject to considerable risk. Investors are urged to review the documents filed by FTXP with the OTC Markets for a discussion of the risks and other factors that affect our business. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may arise from time to time and it is impossible 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 developments or otherwise, except as required by law. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact Investor

Christopher JarvisExecutive Vice President of Finance
(800) 204-5510
[email protected]

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Source: Foothills Exploration, Inc.

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