Foothills Exploration Inc (OTCMKTS:FTXP) Issues Q1 Financial Update

If you are currently looking into the possibility of tracking oil and gas companies then one firm that you could consider looking into is Foothills Exploration Inc (OTCMKTS:FTXP). It is an oil and gas exploration firm that is looking to take care of the energy needs of the present and the future.

Foothills Exploration Inc. Provides Annual Review Of Its Financial Performance And First Quarter Update

Yesterday, the company announced that it was going to undertake an annual review of the financial performance it delivered in the fiscal year that ended on December 31, 2022. The company announced that during the course of the fiscal year, it had managed to extinguish a significant amount of its fixed-rate and variable-rate convertible debt. As it happens, it had managed to reduce the total by as much as 90%.

In addition to that, in January of 2023, Foothills Exploration also signed a 12-month lock-up and standstill agreement with the rest of its fixed-rate convertible note holders.

Debt management was particularly important for the company since it would help the company in not going for liquidation of billions of shares of its common stock for repaying the debts. That is the sort of news that may prove to be positive for investors.