Oil and gas exploration and development firm Foothill Corporation Inc (OTCMKTS:FTXP) saw its stock suffering from a strong selloff yesterday and record declines of as much as 21% in a week. The selloff in the stock was triggered by certain key announcements from the company.
One of the announcements was related to the fact that Foothills hired the services of a registered public accounting company. However, that was not all. Foothills also announced that its subsidiary company New Energy Ventures signed a binding memorandum of understanding with Pristine Energy Inc. The memorandum of understanding between the two parties is related to the participation in a natural hydrogen prospect that is located in Canada.
In addition to that, the company also provided corporate updates for the benefit of its shareholders. The company noted that at this point in time it is in the process of evaluating a range of possible acquisitions from among a number of oil and gas properties. The company also noted that these properties are situated in the Rockies and the Mid-Continent areas. It has also been indicated that the company is looking for such properties which are going to run up low costs of operations and will have long lived reserves.