Hillcrest Participates in Saskatchewan Workover Program

(via TheNewswire)

VANCOUVER, B.C. / TheNewswire / December 14, 2017 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSX-V: HRH) (OTCQB: HLRTF) is pleased to announce the company has been invited to participate in a well workover program with Westcore Energy Ltd. ("Westcore") headquartered in Saskatoon, Saskatchewan. The agreement with Westcore identifies multiple locations in the Flaxcombe region of the province. 

Hillcrest will be responsible for providing financial and technical support to the workover program. In return, Hillcrest will earn a 50% working interest in all production from the wells. The well workover program is slated to begin December 15, 2017.

The well workover program is a first step towards a contemplated larger acreage development and drilling program agreement currently being discussed between Westcore and its partners. Westcore owns and operates two large acreage positions in the Province of Saskatchewan and is in discussions with Hillcrest which would allow the Company to participate in a development program. Hillcrest will advise our shareholders if and when formal agreements are signed and in place.

"The well workovers or reactivations represent a low cost low risk opportunity for Hillcrest" states Don Currie, Hillcrest CEO. "Westcore enjoyed recent production from the wells and had temporarily suspended production in order to improve sand control and update equipment as required. They slated the work for this month meaning upon successful recompletions, immediate production will occur and revenues from production will be received the following month. This represents the start of potential production of hydrocarbons for Hillcrest in Saskatchewan and precedes production from the previously announced joint venture arrangement in Saskatchewan and Alberta. We expect field programs from the joint venture program will commence early in Q1 of 2018. In addition, we hope to complete a larger more comprehensive agreement with Westcore to participate in their scheduled field development program."

For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com

ON BEHALF OF THE BOARD


Donald Currie

Chief Executive Officer and Director

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Copyright (c) 2017 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia



Hillcrest Provides Shareholder Update

(via TheNewswire)

Vancouver, B.C. / TheNewswire / November 16, 2017 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to provide the following Company update to our shareholders. 

As previously announced on May 10, 2017, Hillcrest signed a binding Joint Venture Agreement (the "JV Agreement") with a Canadian oil and gas company ("Juniorco") whereby the Company, via a wholly owned subsidiary, will earn up to a 75% Working Interest and operate two petroleum assets located in Western Canada (the "Fields"). The Company expects to restore combined production from the Fields to approximately 400 barrels of oil per day ("bopd") by providing capital funding and technical expertise. 

Over the past few months, Hillcrest has been working with a Calgary based engineering firm to develop plans to optimise production and reliability for both the Alberta and Saskatchewan field reactivations. 

Hillcrest has been approved as operator in Alberta and anticipates Saskatchewan approval by the end of the month. Upon approval by the Saskatchewan regulator, the Company intends to immediately commence activity to restore production in the West Hazel Field. West Hazel has 4 producing oil wells and one salt water disposal well and represents approximately 75% of the previous combined production of both fields. In addition, 10 well recompletions, 3 additional well reactivations and 3 identified drilling locations have been identified as further upside to increase production as soon as the field is restored to steady state production. 

Aside from the field reactivations above, Hillcrest has been actively pursuing multiple acquisition opportunities and Joint Venture partnerships in coordination with our Merchant Banker, WC Capital Inc., under previously announced arrangements. 

The Company is targeting a number of short term production opportunities similar in scope to the field reactivations and a number of larger acquisition opportunities where substantial value can be delivered by applying technical and commercial expertise in assets with dominant operating positions in their respective areas. 

If successful, these larger, transformational, opportunities would provide significant cash flow immediately upon acquisition and value multiples of the acquisition price within 2 to 4 years through further field development. Non-binding Letters of Intent ("LOIs") have been submitted for two of these larger opportunities. 

Additional information will be provided should the LOIs progress to a binding stage and as arrangements are firmed up for the other production opportunities.

Hillcrest will continue to update the shareholders as development occur.

To stay informed about Hillcrest:

Please join our Investor Group on 8020 Connect https://www.8020connect.com/groups/hillcrest-petroleum-ltd for all upcoming news releases, articles, comments and questions.

Additional information can also be obtained by contacting Don Currie toll free at 1-855-609-0006 or visiting the Company's website at www.hillcrestpetroleum.com

ON BEHALF OF THE BOARD


Donald Currie

Chief Executive Officer and Director

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Copyright (c) 2017 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia



 
Hillcrest Signs Merchant Banking Agreement

VANCOUVER, B.C. / TheNewswire /Tue Aug 22nd, 2017/ Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that the Company has signed a Merchant Banking agreement with WC Capital Inc, an Ontario based organization. WC Capital Inc is an affiliate of Wade & Company, a private family office investment firm and merchant bank, managed by a successful team of investors and entrepreneurs with a breadth of experience across different sectors. WC Capital Inc and Wade & Company specialize in various lending products, direct investment and advisory services.

WC Capital Inc, through their network, will provide assistance in identifying potential business dealings and partners, early stage legal review of all potential business dealings, potential direct or indirect investment in any deals under review or acquired and will assist in expanding the profile of Hillcrest within the circle of their investment community. The agreement between Hillcrest and WC Capital Inc is for a term of 1 year with potential renewals available. The agreement is subject to acceptance of the TSX Venture Exchange.

"This agreement represents a giant step forward for Hillcrest as we search for and review transformational deals for the Company." Don Currie, Hillcrest Petroleum CEO, states: "WC Capital together with Wade & Company provide Hillcrest with financial advisory services, early stage legal review and assistance as well as potential investment strength, which are all critical needs for junior listed companies in early stage negotiations. With a number of acquisition targets under review, the support and services provided by WC Capital Inc is expected to give Hillcrest an increased ability to quickly assess and potentially acquire assets. The Company will update its shareholders as we progress towards any potential purchases or joint ventures."

For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com

 

ON BEHALF OF THE BOARD

Donald Currie
Chief Executive Officer and Director

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

 

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2017 TheNewswire - All rights reserved.



Hillcrest Obtains Alberta Energy Regulator Operator License Approval

VANCOUVER, B.C. / TheNewswire / July 26, 2017 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that the Company has been approved by Alberta Energy Regulator (AER) to Operate oil and gas assets in Alberta. This is an important step for Hillcrest to move forward with the Alberta part of its work program to re-establish production from oil and gas assets in Alberta and Saskatchewan under its recently announced Joint Venture Agreement.

As previously announced May 10, 2017, Hillcrest signed a binding Joint Venture Agreement (the "JV Agreement") with a Canadian oil and gas company ("Juniorco") whereby the Company, via a wholly owned subsidiary, will earn up to a 75% Working Interest and Operate two petroleum assets located in Western Canada (the "Fields" or "Assets"). The Company expects to restore combined production from the Fields to approximately 400 barrels of oil per day ("bopd) by providing capital funding and technical expertise.

The JV Agreement is consistent with the letter agreement initially signed by the parties and announced on February 21, 2017. Select Primary terms of the JV Agreement are as follows:

-The Company, appointed as operator, will earn up to 75% of the Juniorco's Working Interest in the Fields by contributing technical expertise and funding to restore production from the Fields. Hillcrest's Working Interest will revert to 50% once the Company has recovered all production restoration costs from the production revenues. Gross production from both Fields collectively is expected to be approximately 400 bopd upon restoration.

-Hillcrest has arranged third party project funding, and these funds are to be provided on a non-dilutive basis to Hillcrest shareholders. Total project funding, including the placement of Operator deposits and Licence Liability Rating (LLR) Bonds, is estimated to cost CDN$2,200,000. Project funding will be secured by both the Assets and the Company.

-Approximately CDN$900,000 in project costs is required to re-establish production from the Fields by way of equipment installation and upgrades, and well work-overs. These projects are expected to reduce operating expenses and restore production, thereby increasing the operating netbacks.

-Project costs include the placement of approximately CDN$1,300,000 in LLR Bonds. The Company expects to recover these LLR Bonds once economic production from the Fields has been re-established for a certain period of time, thereby substantially reducing the net investment in the project.

-This transaction is subject to TSX Venture Exchange approval.

"The first step required to move forward with restoring production has been reached." Don Currie, Hillcrest Petroleum CEO, states: "Being approved as operator in the Province of Alberta was required for Hillcrest too coordinate work programs with local service companies and vendors. The Company will update the shareholders as we progress towards production of the assets."

For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com

ON BEHALF OF THE BOARD

Donald Currie

Chief Executive Officer and Director

 

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2017 TheNewswire - All rights reserved.



Fri Jul 14th, 2017

Hillcrest Announces the Closing of the Second and Final Tranche of the $0.07 Unit Non-Brokered Private Placement

VANCOUVER, B.C. / TheNewswire / July 14, 2017 - Hillcrest Petroleum Ltd. (the "Company") (TSX-V: HRH) (OTCQB: HLRTF) announces that it has closed the second and final tranche of its non-brokered private placement (the "Offering") originally announced on May 10, 2017 with updated announcements on June 29, 2017 and July 7, 2017.

Aggregate proceeds of $112,000 were raised on this second tranche closing, and 1,600,000 units (the "Units) at a price of $0.07 per Unit were issued. Each Unit to this second tranche consists of one common share in the capital of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.10 per Share until July 14, 2019.

The securities issued in connection with the second tranche is subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation expiring on November 15, 2017.

There were no finder's fees paid on the second tranche closing.

Together with the proceeds raised on this second tranche closing, and of the previous tranche closing (see press release of July 7, 2017), an aggregate of 5,594,857 Shares have been issued for aggregate total proceeds of $391,640.

The proceeds received from the Offering will be used to retire the remainder of the secured debt, licensing and registration costs in both Saskatchewan and Alberta and for general operation and expenses.

For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com

ON BEHALF OF THE BOARD

Donald Currie

Chief Executive Officer and Director

 

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2017 TheNewswire - All rights reserved.



Thu Jun 29th, 2017

Hillcrest Provides an Update on its Previously Announced $500,000 Private Placement Financing

VANCOUVER, B.C. / TheNewswire / June 29, 2017 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that the Company is proceeding with its non brokered private placement as previously announced on May 10, 2017 for the sale of up to 7, 142,857 Units at a price of $0.07 per Unit for gross proceeds of up to $500,000, each unit consisting of one common share ("Share") plus one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share (a "Warrant Share") at a price of $0.10 for a two year period from closing (the "Offering"). The Company is finalizing certain required documentation to close. As a result of timing issues, the closing of this Offering may result in closing the Offering in tranches.

The Company may be paying finder's fees up to the amount permitted by the TSX Venture Exchange policies. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus a day in accordance with applicable securities laws. The placement funds will be used to retire the remainder of the secured debt, licensing and registration costs in both Saskatchewan and Alberta and for general operation and expenses.

For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com

ON BEHALF OF THE BOARD

Donald Currie

Chief Executive Officer and Director

 

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2017 TheNewswire - All rights reserved.

 



Wed May 10th, 2017
Hillcrest Signs Binding Joint Venture Agreement For Western Canada Assets

VANCOUVER, B.C. / TheNewswire / Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that the Company has signed a binding Joint Venture Agreement (the "JV Agreement") with a Canadian oil and gas company ("Juniorco") whereby the Company, via a wholly owned subsidiary, will earn up to a 75% Working Interest and become the operator of record in two petroleum assets located in Western Canada (the "Fields" or "Assets"). The Company expects to restore production from the Fields collectively to approximately 400 barrels of oil per day ("bopd) by providing capital funding and additional technical and operational expertise. As announced on February 21, 2017, The Company expects that production from the Fields will be restored during the second quarter of this year. The Company also has plans to pursue further production increases from within the Fields through additional development activities in the remainder of 2017.

The JV Agreement is consistent with the letter agreement initially signed by the parties and announced on February 21, 2017. The primary terms of the JV Agreement are as follows:

-The Company, appointed as operator, will earn up to 75% of the Juniorco's Working Interest in the Fields by contributing technical expertise and funding to restore production from the Fields. Hillcrest's Working Interest will revert to 50% once the Company has recovered all production restoration costs from the production revenues. Gross production from both Fields collectively is expected to be approximately 400 bopd upon restoration.

-Hillcrest has arranged third party project funding, and these funds are to be provided on a non-dilutive basis to Hillcrest shareholders. Total project funding, including the placement of Operator deposits and Licence Liability Rating (LLR) Bonds, is estimated to cost CDN$2,200,000. Project funding will be secured by both the Assets and the Company.

-Approximately CDN$900,000 in project costs is required to re-establish production from the Fields by way of equipment installation and upgrades, and well work-overs. These projects are expected to reduce operating expenses and restore production, thereby increasing the operating netbacks.

-Project costs include the placement of approximately CDN$1,300,000 in LLR Bonds. The Company will consistent with the regulatory requirement request the return of these LLR Bonds once economic production from the Fields has been re-established for a certain period of time, thereby substantially reducing the net investment in the project.

-The Company will also immediately commence assessment of additional infield development opportunities, such as well re-completions and infill development drilling, which will be pursued in the second half of this year.

-Hillcrest shall obtain the regulatory approvals required for the Company to perform as an oil and gas operator within the Provinces of Alberta and Saskatchewan. Such regulatory approvals are expected within 30 days.

-Upon obtaining all regulatory approvals, the production restoration project will commence.

 

This transaction is subject to TSX Venture Exchange approval.

"Hillcrest is very pleased to have negotiated and secured the majority Working Interest in these Assets." Don Currie, Hillcrest Petroleum CEO, states: "The project will provide cash flow and has the ability to grow through further development in and around the Fields. The Assets had been producing in excess of 400 bopd prior to being shut-in due to cyclically low product prices; and only modest investment is required to re-activate the existing wells. The Company will earn a majority working interest in the Fields at very favourable effective dollar per flowing barrel cost metrics, and expected gradual increases in commodity prices and reduced operating expenses will enhance the profitability of the Fields. In addition to restoring production, the Fields have further development potential which we intend to aggressively exploit in the second half of 2017. While we continue to review and pursue US-based opportunities, our management team has a long history of creating value in the Western Canada Sedimentary Basin, and we believe this is an opportune time to re-enter this world class jurisdiction."

In addition to the acquisition and project funding, Hillcrest is proceeding with a non brokered private placement for the sale of up to 7,142,857 Units at a price of $0.07 per Unit for gross proceeds of up to $500,000. Each Unit consists of one common share ("Share") plus one-half of one common share purchase warrant, Each whole warrant will entitle the holder to purchase one additional common share (a "Warrant Share") at a price of $0.10 for a two year period from closing (the "Offering"). The Company may be paying finder's fees up to the amount permitted by the TSX Venture Exchange policies. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus a day in accordance with applicable securities laws. The placement funds will be used to retire the remainder of the secured debt, licensing and registration costs in both Saskatchewan and Alberta and for general operation and expenses.

For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com

 

ON BEHALF OF THE BOARD

Donald Currie
Chief Executive Officer and Director

 

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.