A Rapidly Growing E&P Company

Summer 2019 OTCQB: FTXP

OTCQB : FTXP 2

Forward Looking Information

THIS COMMUNICATION IS FOR YOUR GENERAL INFORMATION ONLY AND IS NOT AN OFFER OR SOLICITATION TO BUY OR SELL ANYSECURITY. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE “FORWARD-LOOKING STATEMENTS” FORPURPOSES OF FEDERAL AND STATE SECURITIES LAWS, INCLUDING, BUT NOT LIMITED TO, ANY PROJECTIONS OF EARNINGS,REVENUE OR OTHER FINANCIAL ITEMS; ANY STATEMENTS OF THE PLANS, STRATEGIES AND OBJECTIONS OF MANAGEMENT FORFUTURE OPERATIONS; ANY STATEMENTS CONCERNING PROPOSED NEW SERVICES OR DEVELOPMENTS; ANY STATEMENTSREGARDING FUTURE ECONOMIC CONDITIONS OR PERFORMANCE; ANY STATEMENTS OR BELIEF; AND ANY STATEMENTS OFASSUMPTIONS UNDERLYING ANY OF THE FOREGOING.

FORWARD-LOOKING STATEMENTS MAY INCLUDE THE WORDS “MAY,” “COULD,” “ESTIMATE,” “INTEND,” “CONTINUE,” “BELIEVE,”“EXPECT” OR “ANTICIPATE” OR OTHER SIMILAR WORDS. THESE FORWARD-LOOKING STATEMENTS PRESENT OUR ESTIMATES ANDASSUMPTIONS ONLY AS OF THE DATE OF THIS REPORT. EXCEPT FOR OUR ONGOING SECURITIES LAWS, WE DO NOT INTEND, ANDUNDERTAKE NO OBLIGATION, TO UPDATE ANY FORWARD-LOOKING STATEMENT.

ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN ANY OF OUR FORWARD-LOOKING STATEMENTS ARE REASONABLE,ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED OR ASSUMED IN ANY OR OUR FORWARD-LOOKINGSTATEMENTS. OUR FUTURE FINANCIAL CONDITION AND RESULTS OF OPERATIONS, AS WELL AS ANY FORWARD-LOOKINGSTATEMENTS, ARE SUBJECT TO CHANGE AND INHERENT RISKS AND UNCERTAINTIES. THE FACTORS IMPACTING THESE RISKS ANDUNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO: (A) POTENTIAL DEFAULT UNDER OUR SECURED OBLIGATIONS; (B) A DEFAULTUNDER ANY MATERIAL DEBT AGREEMENTS; (C) INCREASES IN INTEREST RATES OR OUR COST OF BORROWING; (D) DETERIORATIONIN GENERAL OR REGIONAL ECONOMIC CONDITIONS; (E) ADVERSE STATE OR FEDERAL LEGISLATION OR REGULATION THATINCREASES THE COSTS OF COMPLIANCE, OR ADVERSE FINDINGS BY A REGULATOR WITH RESPECT TO EXISTING OPERATIONS; (F)INABILITY TO ACHIEVE FUTURE SALES LEVELS OR OTHER OPERATING RESULTS; (G) FLUCTUATIONS IN THE PRICE OF OIL AND GAS;(H) THE UNAVAILABILITY OF FUNDS FOR CAPITAL EXPENDITURES; AND (I) OPERATIONAL INEFFICIENCIES IN OUR OPERATIONS.

OTCQB : FTXP 3

High-impact Oil And Gas Exploration

Foothills Exploration, Inc. (OTCQB: FTXP), is a growth stage oiland gas exploration and production (E&P) company with a focusand expertise in the acquisition and development of oil and gasproperties.

Two recent acquisitions totaling over 34,000 acres and 22natural gas wells in Wyoming.

New acquisitions feature established predictable revenueand production with a huge development opportunity.

Currently acquiring and developing undervalued &underdeveloped oil and gas assets at attractive valuations.

Exploiting opportunities to execute on an oil and gas roll-upstrategy in the Rockies while the majors focus on thePermian Basin and Scoop and Stack Plays.

Building a portfolio of producing wells that have lowoperating costs, long life reserves and significant upsidepotential through improved price environments anddevelopment runway.

OTCQB: FTXP

Share Price (7/29/19)

$0.17

Market Cap (7/29/19)

$ 4.7 MM

Common Shares Outstanding

24.6 MM

Management Ownership

Institutional Ownership

6.3 MM

5.9 MM

Total Debt $8.65 MM

OTCQB : FTXP 4

Regional Focus and Expertise

U.S. Rocky Mountains

Uinta Basin – Utah

Piceance Basin - Colorado

Greater Green River & Big Horn Basins – Wyoming

Central Basin – Montana

Well defined geographic focus – Rockies

Strong management and technical team with a proven track record and deep operational knowledge of the area

Applying new drilling and completion technologies to define and optimize untapped potential

OTCQB : FTXP 5

Building a Solid Foundation In 2019

Feb Mar Apr May Jun Jul

Formation of

advisory board

including Daniel

Kunz, former

COO of Ivanhoe

Mining

Reported 36%

revenue

increase for Q1

2019 and

1,556% increase

from 2017 to

2018

Proposed

acquisition of

7,000 acres

with 87 oil and

gas wells in

Montana

Letter agreement

to acquire 5,769

acres and 12 shut-

in natural gas

wells in Montana(bolt-on acquisition)

Acquired 22

natural gas

wells situated

on 18,214

acres in the

Wyoming

Green River

Basin

Acquired oil

and gas leases

totaling over

16,000 acres

in Wyoming’s

Wind River

Basin

11%

increase in

net gas

production

rates in

Wyoming

OTCQB : FTXP 6

Accelerating ValueDelivering on Growth Objectives

$155,161

$2,567,458

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

2017 2018

IncreasedGross revenues

approximately

+1,556%14.4

398.6

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2017 2018

EnhancedNet BOE/d production

approximately

+2,667%

13,463

7,892

47,370

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2017 2018 2019 est

2,072

16,291

3,186

129,232

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2017 2018

Gross Revenues

Gross Acreage

Net Production BOE/d

% Gas: 60% 83%

ImprovedGross acreage position

6x vs. 2018

ShiftedNet production to

83% Gas / 17%

liquids mix

OTCQB : FTXP 7

Recent Acquisitions in Wyoming

Greater Green River Basin

Acquired 22 natural gas stripper-wells on 18,214 acres (78% held by production) in Greater Green River Basin in March 2019

Long-life conventional gas wells with significant proven, probable, and possible reserves

Base production of 907 MCFD, expected to generate over $1 million in gross revenue

Considerable field-wide well optimization and recompletion opportunities

Exploration potential as well

Wind River Basin

Acquired 16,387 acres of undeveloped oil and gas leases in March 2019 from an affiliate of American Shale Energy, LLC

Adds to exploration inventory with a near-term focus on the geological and geographical delineation of this acreage by a third-party engineering firm

Acquired acreage is in close proximity to Beaver Creek and Big Sand Draw fields that have a cumulative production of 132.5 million barrels of oil (MBO) and 1.015 trillion cubic feet (TCF) of gas

8

GRB ACQUISITION ACCELERATESFTXP’S STRATEGIC PLAN

Acquisition of GRB Assets

ASSET PROFILE• 18,214 gross acres (14,484 core)• 22-vertical natural gas wells producing ~907 Mcf/d• 1.4 MMCFPD current production• Infrastructure in place

PDP RESERVES• ~3.1 Bcf Proved Developed Producing Reserves• Purchase price is ~68% discount to total PDP Reserves

PV-9 Value ($2,207,000)

INFRASTRUCTURE • Production equipment and infrastructure in place

Foothills’ Continued Commitment

DEVELOPMENT• ~80% of acreage unexplored or undeveloped

• 7 PUD locations

• 16+ approved 80-acre infill new drill locations

OTCQB : FTXP

9

STRATEGIC PORTFOLIO ADDITIONWind River Basin Assets

ACREAGE POSITION

WildHorseLeasehold

CHK Leasehold

AS

SE

TO

VE

RV

IEW Fremont County, Wyoming Assets

Net acres (100% WI /

81% NRI)(1) ~16,387

Percentage undeveloped

acreage100%

Positions FTXP for additional value creation

Potential unqualified discovery of 30 MM barrels of resources in multi-stacked pay environment

Adds significant exploration inventory and acreage at an attractive valuation

Acquired acreage is close to Beaver Creek and Big Sand Draw fields that have a cumulative production of 132.5 million barrels of oil (MBO) and 1.015 trillion cubic feet (TCF) of gas

Oil & Gas Play

Multi-zone pay – Frontier, Phosphoria, Tensleep, Madison Formations

OTCQB : FTXP

OTCQB : FTXP 10

Greater Green River Basin Operators

NYSE: BP

Mkt Cap:

$133.2B

NYSE: APC

Mkt Cap: $36.8B

Foothills is surrounded by world-class operators in the Greater Green

River Basin

PE-backed (private)

NYSE: D

Mkt Cap: $60.2B

Wexpro

PE-backed (private)

OTCQB : FTXP 11

Wind River Basin Operators

NYSE: COP

Mkt Cap: $65.8B

NYSE: ECA

Mkt Cap: $5.8B

NYSE: DVN

Mkt Cap: $10.6B

OTCQB : FTXP 12

Recent Pending Montana Acquisitions

Montana’s North-Central Basin

7,000 acres and 87 oil and gas stripper wells in Montana’s North-Central Basin - deal expected to close in August 2019

Current production is 106 barrels of oil per day (BOPD), generating $1.8 million in total annual gross revenue

58 oil wells include 12 producing wells, 25 shut-in proved developed, non-producing wells, and 21 injection wells

29 gas wells include 10 producing wells and 19 shut-in wells

Company has developed a field-wide optimization program to bring production back online from 44 shut-in wells with 100% increase in production expected

Exploration development potential in Heath formation using horizontal drilling technology

Shallow Amsden horizontal play – attractive economics and EUR – 2 identified locations

Stillwater and Golden Valley Counties

5,769 acres and 12 shut-in natural gas wells + pipelines and processing facilities in Stillwater and Golden Valley counties - deal expected to close in 3Q19

Company plans to bring online the 12 shut-in wells to generate revenue

Company will also develop in-field development program, including behind pipe potential

Complements first proposed Montana acquisition by using same surface gathering system connecting the 2 fields

OTCQB : FTXP 13

Utah Asset Overview

Duck Creek

3 - 6 well bypassed zone rework program

$2.1MM est. annual field level net income based on $60 oil

210 BOPD projected

EOG Wells

5.2MMCFGPD Combined daily production for both wells

$2.552MM 2018 Income

21.62% working interest in two horizontal wells

1. Payment of ~$3.346MM must be made to EOG Resources, Inc.

2. Pending BIA administrative appeal and $5MM Tribal payment

Uinta / Ouray Assets

5,700 proved undeveloped acres2

7+ MMBO PUD reserves

6+ MMBO Probable reserves

$100MM PV-10 value

OTCQB : FTXP 14

Additional Development Opportunities

Uinta/Ouray assets* consist of 5,700 acres with proved undeveloped reservesproviding the Company with numerous infield drilling locations and considerableupside potential in the near term.

*Pending BIA administrative appeal and $5MM Tribal

payment

➢ 7+ MMBO PUD reserves

➢ 6+ MMBO Probable reserves

➢ Existing infrastructure in place

➢ Multiple stacked pay zones

➢ Horizontal drilling targets in Black Shale, Uteland Butte and Upper Wasatch

➢ Proven Oil Field with numerousPUD Locations

➢ Long-Life Reserves

OTCQB : FTXP 15

Uinta Basin Operators

NYSE: EOG

Mkt Cap: $48.7B

NYSE: EPE

Mkt Cap: $41MM

NYSE: CPG

Mkt Cap: $2.24B

NYSE: APC

Mkt Cap: $36.8B

Foothills is surrounded by world-class operators in Utah

NASDAQ: BRY

Mkt Cap: $769.7MM

OTCQB : FTXP 16

Opportunity

High Risk / High Reward development stage oil and gas company with properties that have significant exploration and development opportunities

Existing Wellbores for potential immediate cash generation

Projects with Significant Proved Oil and Natural Gas Reserves

Ability to grow production profile to 1,000 BOEPD in 6 Months from existing assets1

1. Assuming necessary funding is secured.

OTCQB : FTXP 17

Public Company Comps

Snapshot of North American Junior Oil and Gas Exploration & Production Companies

Ticker TTM Total Total Debt Market Cap Share

Company Symbol Revenue ($ MM) ($ MM) Price

EOS Petro, Inc. EOPT $36.5K $10.68 $63.80 $1.15

Petroteq Energy, Inc. PQE $0 $6.60 $20.90 $0.16

Perisson Petroleum Corp. POG $2.32MM $8.19 $89.60 $0.10

Zion Oil & Gas, Inc. ZN $0 $3.11 $24.00 $0.33

Alpha Energy, Inc. APHE 3.08K 194.9K $126.40 $7.20

Foothills Exploration, Inc. FTXP $2.6MM $8.65 $3.90 $0.16Foothills Exploration, Inc. FTXP $2.6MM $8.65 $4.67 $0.17

Comps as of Q3 2018. FTXP as of 7/29/19.

OTCQB : FTXP 18

Summary

Two recent acquisitions totaling over 34,000 acres and 22 natural gas wells in Wyoming

New acquisitions feature established predictable revenue and production with a huge development opportunity

Greater Green River Basin base production of 907 MCFD, expected to generate over $1 million in gross revenue

Duck Creek rework program expected to generate ~210 barrels/day from 3 wells and $1MM Capex

Management plans to fund the rework of 3 additional Duck Creek area wells from internal cash flows to generate an additional 50 - 200 barrels of oil per day

EOG-operated wells expected to generate $2.3MM (gross) and $1.0MM (net) field level revenues

Uinta/Ouray assets require Capex of ~$5MM to clear title for 5,700 proved acres and secure ~7 MMBO in PUD reserves with PV-10 value of ~$100MM

Pipeline of potential low-cost value-added bolt-on acquisitions to grow the Company’s Rockies footprint

OTCQB : FTXP 19

Management Team

Kevin J. SyllaExecutive Chairman

B.P. Allaire, MBACEO, Director

Christopher Jarvis, MBA, CFA, CMT

EVP Finance, Director

• Also serves as CEO of Foothills Petroleum, Inc., FTXP’s main operating subsidiary

• 10 years of oil & gas industry experience with extensive knowledge in business development, mergers and acquisitions, and management of oil and gas field operations

• Served as Managing Director of Tiger Energy Operating and Tiger Energy Partners International

• Participated extensively in the financing, acquisition and development of hundreds of domestic oil and gas wells

• Petroleum Land Management from TCU and Energy & Finance Management Certification from University of Denver

• Seasoned business operator with over 25+ years experience in numerous disciplines across various industries, with last 7 years in oil & gas industry

• Former Managing Partner of Versailles Capital Partners, a multi-discipline strategic advisory and business development firm based in Los Angeles

• Experience leading a rollup and integration of 4 acquired targets into a vertically-integrated entity

• MBA in General Management from Harvard Business School

• Summa cum laude graduate of Johnson & Wales University

• B.S. Management, A.S. Finance & Investments / A.S. Advertising & Public Relations

• 20+ years of capital markets and investments experience covering equity, commodity and fixed-income markets

• Engineered and executed energy risk management hedges for large multi-national companies

• Ranked #1 by Bloomberg’s BARR analyst ranking system as a publishing analyst in 2005

• Routinely appears on CNBC, Fox Business News and Reuters

• Contributor to major print media outlets including Reuters, Bloomberg, and the Wall Street Journal as an oil and gas analyst

• MBA from University of Connecticut, with concentration in Finance

• B.A. in Arts History from University of Massachusetts

OTCQB : FTXP 20

Management Team (cont’d)

Alex HembDirector, Petroleum Engineer

• 25+ years’ experience as Petroleum Engineer, both onshore and offshore, with broad domestic and international work experience

• Engineered & developed technology for separating oil and water and commercialized this into a successful company providing oil/water separation services to oil & gas industry

• B.S. M.Sc. Petroleum Engineering from Montana Tech with numerous certifications from various oil and gas technical schools

Tara RobertsVice President, Business Development

• 7+ years working across a variety of disciplines within the U.S. oil and gas industry, including positions as landman, revenue accountant and business development specialist

• Began at Chesapeake Energy Corporation (NYSE: CHK) where she held various positions over an almost four-year tenure

• Previously worked at Echo Energy as a Business Development Specialist

• Founded Eldorado Energy, Inc., focused on acquisition of working interests, mineral rights and leaseholds

• B.A. in Psychology from the University of Oklahoma and an M.S. in Law, with a concentration in Energy Law, from Oklahoma City University, with honors

10940 Wilshire Blvd., 23rd FloorLos Angeles, CA 90024

(424) 901-6655

www.foothillspetro.com

Investor Relations ContactChristopher JarvisEVP Finance(424) 901-6655ir@foothillspetro.com

Company ContactKevin J. SyllaExecutive Chairman(424) 901-6655

ksylla@foothillspetro.com

OTCQB : FTXP 21