Note 1  Organization Business Foothills Exploration, Inc., (Company, Foothills Exploration, or Foothills) was incorporated in the state of Delaware on May 13, 2010, under the name Key Link Assets Corp. for the purpose of acquiring a portfolio of heavily discounted real estate properties in the Chicago metropolitan area. The Company changed its focus and planned to acquire small and medium sized grocery stores in non-urban locales that are not directly served by large national supermarket chains. On May 2, 2016, Foothills Petroleum Inc., a Nevada corporation (FPI), acquired over 14.1 million pre-split (56.4 million post-split) shares of the Companys common stock constituting approximately 96% of our then issued and outstanding shares (FPI Acquired Shares). As of May 16, 2016, we effected a 4:1 forward split of our shares of common stock. On May 27, 2016, the Company entered into a Share Exchange Agreement with shareholders of FPI. Prior to the Share Exchange, the Company had minimal assets and recognized no revenues from operations and was accordingly classified as a shell company. In light of closing the Share Exchange transaction with the shareholders of FPI, the Company became actively engaged in oil and gas operations and is no longer a shell company. The consolidated balance sheets include the accounts of the Company, and its wholly-owned direct and indirect subsidiaries, Foothills Exploration, Inc. (FTXP), Foothills Petroleum, Inc. (FPI), Foothills Exploration, LLC (FEL), Foothills Petroleum Operating, Inc. (FPOI), Foothills Exploration Operating, Inc. (FEOI), Tiger Energy Partners International, LLC (TEPI), Tiger Energy Operating, LLC (TEO), and Tiger Energy Mineral Leasing, LLC (TEML). The Companys oil and gas operations are conducted by its wholly owned indirect subsidiaries. FEL is a qualified oil and gas operator in the states of Wyoming and Colorado, and TEO is a qualified oil and gas operator in the state of Utah. The Companys operating entities have historically employed, and will continue in the future to employ, on an as-needed basis, the services of drilling contractors, other drilling related vendors, field service companies and professional petroleum engineers, geologists, and landmen as required in connection with future drilling and production operations. On May 23, 2019, Foothills Exploration, Inc., through its indirect wholly owned subsidiary, Foothills Exploration, LLC (the Company), entered into a letter agreement for the purchase and sale of oil and gas assets (the Agreement) with an unrelated third party (the Seller), concerning the acquisition of a total of 87 wells and associated acreage located in Montana (the Assets). The Assets consist of 29 natural gas wells, 10 producing and 19 shut-in, plus associated acreage, additional miscellaneous leases, associated pipelines, gathering systems, compression and processing facilities, and related yards and equipment, located in Sweet Grass and Stillwater counties, Montana  comprising of the Rapelje, Lake Basin and Six Shooter Fields. The Assets also include oil properties consisting of 58 oil and injection wells with associated acreage located in Musselshell and Rosebud Counties, Montana  12 proved developed producing wells, 25 proved developed non-producing wells, and 21 injection wells  comprising of the Sumatra and Big Wall / Little Wall fields. Closing of this transaction is subject to the approval of transfer from the Montana Board of Oil and Gas Conservation. Furthermore, no assurances can be made that the Closing will occur based on financing and other market conditions. For further details on this pending acquisition, please refer to the Companys Current Report on Form 8-K filed with the SEC on May 30, 2019. On June 17, 2019, Foothills Exploration, Inc. (the Company) received from the Secretary of State of the State of Delaware confirmation of the effective filing of the Companys Certificate of Amendment to its Certificate of Incorporation (the Charter Amendment), increasing the number of shares of Common Stock the Company is authorized to issue from One Hundred Million (100,000,000) to Four Hundred Seventy-Five Million (475,000,000) (the Increase in Authorized Shares). On June 26, 2019, Foothills Exploration, Inc., through its indirect wholly owned subsidiary, Foothills Exploration, LLC (the Company), entered into a letter agreement (the Agreement) with an unrelated third party seller (the Seller), with respect to a proposed transaction (the Transaction) to acquire a total of 12 shut-in wells and approximately 5,769 acres located in Montana (the Assets). The Assets consist of four natural gas wells, associated acreage, additional miscellaneous leases, associated pipelines, gathering systems, compression and processing facilities, and related yards and equipment, located in Stillwater and Golden Valley counties, Montana. The transaction documents contain additional terms and provisions, representations and warranties, including further provisions covering effective time of transfer, venue, and governing law. Closing of this transaction is subject to the approval of transfer from the Montana Board of Oil and Gas Conservation. No assurances can be given that the Company will complete the acquisition. For further details on this pending acquisition, please refer to the Companys Current Report on Form 8-K filed with the SEC on July 1, 2019. On October 1, 2019, Foothills Exploration, Inc. (the Company) received from the Secretary of State of the State of Delaware confirmation of the effective filing of the Companys Certificate of Amendment to its Certificate of Incorporation (the Charter Amendment), increasing the number of shares of Common Stock the Company is authorized to issue from Four Hundred Seventy-Five Million (475,000,000) to Two Billion (2,000,000,000) (the Increase in Authorized Shares). Going Concern The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has incurred recurring losses from inception through September 30, 2019, has a working capital deficit at September 30, 2019, of $22,825,647, and has limited sources of revenue. These conditions have raised substantial doubt as to the Companys ability to continue as a going concern for one year from the issuance of the financial statements. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. To address these matters, the Company is actively meeting with investors for possible equity investments, including business combinations; investigating other possible sources to refinance our existing debt; and in continuing discussions with various individuals and groups that could be willing to provide capital to fund operations and growth of the Company.