Hillcrest Petroleum Ltd.

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Hillcrest Petroleum Ltd. is focused on adding, creating and increasing value through the acquisition, development and production of conventional oil and gas assets in the United States and Canada. Join our investor group to learn more.

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Hillcrest Petroleum Ltd.

lockPrivateGroup

Hillcrest Petroleum Ltd. is focused on adding, creating and increasing value through the acquisition, development and......

people64 Members       (0)

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8020Admin

3 days

8020Admin posted a press release Hillcrest Provides Update and Announces Closing of Unit Private Placement in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. - TheNewswire - July 5, 2019 - Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF)(the "Company" or "Hillcrest") - As previously announced the upgraded West Hazel production facilities were commissioned in January, with initial production from two wells commencing concurrently. A third well was brought online in March, followed by the fourth well in early June. Resulting oil sales have delivered positive operating cash flow to the Company for the first time in over two years, with revenues from field operations covering all associated operating costs, including asset related finance charges.


The wells are currently producing over 4,500 barrels per day total fluid, consisting of oil and water with oil representing 1.5% to 2% of total fluid. While the total fluid volumes are as expected, oil cuts have yet to stabilize and return to those observed prior to field shut-in in 2015, which delivered higher oil production rates. Heavy oil reservoirs such as those in West Hazel typically take some time to return to previous production levels after prolonged shut-in periods. The Company is reviewing options to maximize oil production from current wells through existing facilities and possibly with further upgrades.


"We cannot overstate the importance these four wells have for Hillcrest" states Don Currie, CEO of Hillcrest Petroleum. "The revenues from production and sales are covering costs and showing a modest, but significant, monthly profit. The production sets a base for the Company to build on, which we are working toward in the third quarter. Hillcrest, with the support of its funding partners, continues to identify and evaluate potential producing asset acquisitions in the Western Canadian Sedimentary Basin. We will update shareholders as these activities progress."


In addition, the Company announces thatit has closed a non-brokered private placement wherein the Company has issued 3,900,000 Units at $0.05 per Unit(the "Offering") for gross proceeds of $195,000. Each Unit consisted of one common share in the capital of the Company ("Share") plus one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional Share at a price of $0.10 until May 10, 2021.


All securities issued in connection with this Offering will be subject to a statutory hold period ending on September 10, 2019 in accordance with applicable securities legislation. The net proceeds from the Offering will be used to advance the Company's West Hazel oil project in Saskatchewan and for general working capital. The Company paid $1,629 in cash finder's fees and issued 272,000 finder's warrants in connection with the Offering. The finder's warrants have the same terms as the Unit warrants.


For more information on Hillcrest Petroleum Ltd., contact Donald 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.

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8020Admin

4 months

8020Admin posted a press release Hillcrest Oil Production Climbs in HILLCREST PETROLEUM LTD.

March 21, 2019 / TheNewswire / VANCOUVER, B.C. - As previously announced by Hillcrest Petroleum Ltd. ("Hillcrest" or the "Company") the upgraded West Hazel production facility is in operation, and production started from 2 wells on January 13th and January 15th, respectively. Initial fluid production rates from both wells were as expected. Production from a 3rd well was brought on line in early March when weather conditions softened after an extreme record-breaking cold snap.


Production over the last 5 days from the 3 wells has averaged 150 barrels per day which meets the lower production estimates the company published in our previous releases, although those estimates considered production from all 4 wells. Hillcrest is encouraged by the early results, which are meeting or exceeding previous estimates. The Company is focused on efforts to maximize the production from the current wells and is further upgrading the potential of the injector well which in turn, if successful, could result in higher production numbers from the current 3 wells. A normalized sustained production rate is expected to take another 3-4 weeks and will be released when achieved.


Hillcrest will move to work on and start production from the 4th well once current efforts have been completed, results reviewed, and a rig is available.


As previously announced, under the terms of its Joint Venture Agreement on the West Hazel property, the Company will provide 100% of reactivation costs to return the field to production to earn a 75% Working Interest, reverting to 50% after recovery of reactivation costs.


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.

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HRHCommunity MGR posted an update Hillcrest signs MOU with Xstate in HILLCREST PETROLEUM LTD.

As per the news release of yesterday Jan 28th, 2019.  Hillcrest Petroleum announced it has executed a Memorandum of Understanding (MOU) with Xstate Resources Limited, a publicly listed Australian oil and gas company, (XST-ASX) to jointly pursue oil and acquisitions in Canada and onshore USA. Hillcrest has identified and is currently reviewing producing oil and gas assets in the Western Canada Sedimentary Basins for the purpose of acquisition and development. Xstate has been participating in and is reviewing potential acquisition of various U.S. oil and gas projects.


Hillcrest is very excited about this MOU with Xstate Resources, and all the potential projects that may come as a result of this mutual MOU.


This is the link to the website of Xstate Resources for all Hillcrest Investor Group members to review: http://www.xstate.com.au/


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Don Currie posted an update in HILLCREST PETROLEUM LTD.

5 months

Further to today's press release, this video was shot at Proactive Investors this morning. We are excited about what the alliance means for Hillcrest and will be advising all as developments occur. Thank you all for you interest and support of Hillcrest Petroleum.

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8020Admin

5 months

8020Admin posted a press release Hillcrest Signs Strategic Alliance with Publicly Traded Australian Oil and Gas Company in HILLCREST PETROLEUM LTD.

January 28, 2019 / TheNewswire / VANCOUVER, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce it has executed a Memorandum of Understanding (MOU) with Xstate Resources Limited ("Xstate"), a publicly listed Australian oil and gas company, to jointly pursue oil and acquisitions in Canada and onshore USA. Hillcrest has identified and is currently reviewing producing oil and gas assets in the Western Canada Sedimentary Basins for the purpose of acquisition and development. Xstate has been participating in and is reviewing potential acquisition of various U.S. oil and gas projects.


Under the Strategic Alliance, Xstate and Hillcrest will offer participation in North American acquisition opportunities to each other. Should either company elect to pursue one or more of the acquisition opportunities, the originating company will facilitate the acquisition on behalf of the both, may operate the acquired assets under joint venture agreements and implement field development plans intended to maximize the market value of the acquired assets with capital funding provided jointly.


"Hillcrest is pleased to have Xstate as a strategic partner" Don Currie Hillcrest CEO states "Xstate's management team has a proven track record acquiring, developing and exploiting oil and gas assets world- wide. Xstate's ability to provide a wider audience and access to equity funding for jointly pursued projects is a key component of the Alliance. Hillcrest and Xstate are aligned in their strategic objectives for creating shareholder value. Both companies are focused on acquiring, developing and delivering the value potential from conventional oil and gas assets with material upside. Aligning the companies makes the collective capital, management and operational efforts much more efficient and opens the opportunity for Hillcrest to build effective and efficient core company operating capability based on larger operations than are currently available to Hillcrest ."


"It is vitally important when working in North America for joint venture interests to be aligned". Cosimo Damiano CEO Xstate explained. "Xstate will have the opportunity to work with an experienced management team, who is connected to sophisticated financial investors. The joint venture will benefit from each Partners management teams past activities in North America; scaled balance sheet capacity to access larger field acquisitions, providing economies of scale in operating costs and production operations".


The strategic Alliance is based on mutual cooperation and assistance in order to support the growth of the respective Partners onshore North America. Both Hillcrest and Xstate intend that the Alliance will be the primary investment vehicle for material investments by either Party in the Canadian and USA oil and gas sector. Hillcrest will support future investment by Xstate and Xstate will support future investments made by Hillcrest in onshore North America projects. The Parties will include each other in investment opportunities where it is in the best interest of both Companies shareholders as a whole.


The Board of Hillcrest welcomes the formalization of the Strategic Alliance with Xstate that secures collective future growth opportunities.


For all upcoming news releases, articles, comments and questions, stay updated and speak with management about Hillcrest Petroleum. Please JOIN our Investor Information Group at: http://connects.company/hillcrest9


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


About Xstate Resources Limited


Xstate Resources (ASX Code: XST) is an ASX listed company focused on the oil and gas sector. The Company has existing gas exploration assets located in the Sacramento Basin, California and associated gas production. Xstate is presently pursuing new opportunities in the oil and gas sector onshore North America .


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.

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Media Relations posted an update in HILLCREST PETROLEUM LTD.

6 months

Hillcrest Petroleum Ltd. | CEO Don Currie | Oil & Gas Production Company

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8020Admin

6 months

8020Admin posted a press release Saskatchewan Oil Production Operations Update in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / January 17, 2019 - Hillcrest Petroleum Ltd. (the "Company")(TSX-V:HRH; OTC:HLRTF) is pleased to report the upgraded West Hazel production facility is in operation, and production started from 2 wells on January 13th and January 15th, respectively. Initial fluid production rates from both wells are as expected. Production from the remaining 2 wells will brought on line after workovers on these wells are completed.


The Company's previously announced plans to restore production from the West Hazel Field has been completed on budget. Oil production from the 4 wells is expected to stabilize between 150-250 bbls/day, with potential to increase to 500 bbl/day through further, previously unidentified field development activities including well recompletions and development drilling. Production facilities, which include an integrated water injection system, have been upgraded to increase the fluid handling capacity in anticipation of higher production volumes. Increased capacity through production facility upgrades are expected to substantially reduce operating costs per barrel of oil as production increases with field development.


As previously announced, under the terms of its Joint Venture Agreement on the West Hazel property, the Company will provide 100% of reactivation costs to return the field to production to earn a 75% Working Interest, reverting to 50% after recovery of reactivation costs.


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.

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8020Admin

6 months

8020Admin posted a press release Saskatchewan Oil Production Operations Update in HILLCREST PETROLEUM LTD.

December 27, 2018 / TheNewswire / VANCOUVER, B.C. - Further to the Company's October 2, 2018 announcement regarding the re-start of production from the West Hazel Field in Saskatchewan, we are pleased to provide the following update.


The Company's previously announced plans to restore production from the West Hazel Field has been completed on budget with oil production expected to commence on January 15, 2019. Oil production is expected to stabilize between 150-250 bbls/day with currently existing wells and facilities, with potential to increase to 500 bbl/day through further, previously unidentified field development activities including well recompletions and development drilling.


Integrated oil production facilities, including production tanks, flow lines, wellbores and water injection system have been inspected and cleaned/repaired/upgraded as required. The Company has determined that the existing water disposal well located within the field area, after modest upgrades to its downhole equipment, now has the required disposal capacity for the expected and future water production from the field. The availability of a water disposal well within the field area eliminates significant additional costs to truck produced water to a commercial disposal site.


As previously announced, under the terms of its Joint Venture Agreement on the West Hazel property, the Company will provide 100% of reactivation costs to return the field to production through a wholly owned subsidiary to earn a 75% Working Interest, reverting to 50% after recovery of reactivation costs.


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.

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8020Admin

9 months

8020Admin posted a press release Hillcrest to Commence Operations to Re-Start Oil Production Operations in Saskatchewan in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / October 2, 2018 - Hillcrest Petroleum Ltd. (the "Company") (TSX-V: HRH) (OTCQB:HLRTF) is pleased to announce that it is commencing operations to re-start oil production from the West Hazel Oil field in Saskatchewan, with first oil sales expected in November, 2018.


Under the terms of its Joint Venture Agreement, the Company will provide 100% of reactivation costs to return the field to production through a wholly owned subsidiary to earn a 75% Working Interest, reverting to 50% after reactivation costs are paid back from cash flow.


The West Hazel field produced over 200 bbl/day oil before being shut in by the previous operator due to financial distress in 2015.


Restoring production from the West Hazel field includes refurbishing and upgrading production facilities including water disposal and returning four previously producing wells to production.


Initial oil production is expected to be between 150 and 250 bbl/day, with potential to increase to 500 bbl/day with further and previously unidentified well recompletions and development drilling in 2019.


Immediate reactivation costs are expected to total approximately $750,000.


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.

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Don Currie commented on Chris H  update in HILLCREST PETROLEUM LTD.

11 months

Is management of Hillcrest Petroleum even aware that a person who uses TD web-broker can't even buy HRH shares on the Internet ? The following message occurs: This order cannot be placed electronically. Please contact TD Direct Investing at 1-800-465-5463 or 416-982-7686 to place this order. [ 90211 ] Probably a glitch, but, it has been like this for weeks. Anyone know (or care) about this here or with management ?

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Chris H posted an update in HILLCREST PETROLEUM LTD.

11 months

Is management of Hillcrest Petroleum even aware that a person who uses TD web-broker can't even buy HRH shares on the Internet ? The following message occurs: This order cannot be placed electronically. Please contact TD Direct Investing at 1-800-465-5463 or 416-982-7686 to place this order. [ 90211 ] Probably a glitch, but, it has been like this for weeks. Anyone know (or care) about this here or with management ?

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8020Admin

1 year

8020Admin posted a press release Hillcrest Appoints Chief Operating Officer and is Approved as Operator in Saskatchewan in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / June 13, 2018 - The Company is pleased to announce the appointment of Dale Miller to the position of Chief Operating Officer, effective immediately. Mr. Miller brings over 35 years of Canadian oil and gas operating experience across the Western Canadian Sedimentary basin, building oil and gas companies through production and field development as well as acquisitions and divestments.


Mr. Miller has been engaged to establish and manage Hillcrest's Canadian oil and gas operations, including the West Hazel field re-activation and additional potential producing Canadian oil and gas properties that may be acquired under the recently announced Strategic Alliance with a private company currently sourcing up to US$50,000,000 funding exclusively for oil and gas acquisitions in Canada with Hillcrest.


Under the terms of the Strategic Alliance, Hillcrest will identify, screen and offer potential acquisitions to the private company. If accepted, Hillcrest will facilitate acquisitions, be assigned a 25% carried interest and will operate oil and gas properties acquired, as well as receive management fees and performance bonuses.


As part of his engagement arrangements with the Company, Mr. Miller has been granted 350,000 incentive stock options exercisable at $0.065 per share until June 13, 2022.


In addition, Hillcrest's wholly owned Saskatchewan subsidiary has been approved as an operator of oil and gas assets in Saskatchewan. Being approved as an operator enables the Company to conduct oil and gas operations in Saskatchewan starting with the West Hazel field reactivation to restore previous production of over 200 bbl/day of oil under the terms of a previously announced Joint Venture Agreement ("JVA"). Pursuant to the JVA Hillcrest earns a 75% working interest in exchange for incurring 100% of the reactivation costs.


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.

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8020Admin

1 year

8020Admin posted a press release Hillcrest Signs Binding Agreements Forming Strategic Alliance to Pursue Oil and Gas Acquisitions in Western Canada in HILLCREST PETROLEUM LTD.

Vancouver, B.C. / TheNewswire / May 29, 2018 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that it has signed binding agreements creating a Strategic Alliance (the "Strategic Alliance") with a private company (the "Partner") to pursue oil and gas acquisitions in Western Canada. Under the Strategic Alliance, Hillcrest will grant the Partner an exclusive right of first refusal on pre-screened acquisition opportunities to be operated and managed by Hillcrest and will be assigned a 25% carried interest in any acquired assets in exchange for access to its acquisition opportunity register and oil and gas business management services. The Partner will fund 100% of acquisition and development costs.


Hillcrest has compiled a register of potential oil and gas acquisition targets in Western Canada, selected based on criteria including positive operating cash flow from current production operations and the potential to increase the market value of the assets by more than 3x through field development activities. Hillcrest is currently in various stages of discussions with a number of vendors regarding these acquisition targets.


Under the Strategic Alliance, Hillcrest will offer acquisition opportunities to the Partner. Should the Partner elect to pursue one or more of the acquisition opportunities, Hillcrest will facilitate the acquisition on behalf of the Partner, operate the acquired assets under joint venture agreements and implement field development plans intended to maximize the market value of the acquired assets with capital funding provided by the Partner.


The Partner intends to raise up to $50,000,000 to fund potential acquisition and subsequent development of oil and gas assets through an asset secured token offering attached to the acquired oil and gas assets. The Partner has engaged an investment banking and financial services group with specialist expertise in block chain tokens and has initiated activities with them in preparation to market the tokens in the coming weeks.


As previously announced on May 22nd, and consistent with the terms of the Strategic Alliance, Hillcrest continues to focus on its core business as an oil and gas company with activities directed toward the acquisition, development and management of oil and gas assets.


Highlights of the Strategic Alliance are:


-The Partner has an exclusive first right of refusal to partner with Hillcrest on oil and gas acquisitions in Western Canada identified by Hillcrest.


-The Partner will fund 100% of the acquisition and development costs associated with oil and gas assets.


-Hillcrest will provide oil and gas business management services and will manage and operate assets acquired under the terms of agreements related to the Strategic Alliance between Hillcrest and the Partner.


-Hillcrest will receive a direct 25% carried ownership interest in any assets acquired.


-Hillcrest will receive a management fee and full cost recovery for providing oil and gas business management services to identify, acquire and manage Canadian oil and gas assets, as well as milestone based bonuses and operational performance based bonuses to be agreed with the Partner after assets are acquired.


-The term of the agreements are 5 years, with options to extend.


Don Currie, Hillcrest CEO, states: "The execution of the binding agreements forming this Strategic Alliance with a funding partner is a substantial development for Hillcrest and one that has the ability to fast track our acquisition and development plans. The relationship between the parties will see their capital back our Western Canadian acquisition opportunities, with both parties benefiting as acquisitions are completed and further field development is undertaken to unlock the value in the assets. Assuming the Partner is successful in its financing activities over the coming weeks, Hillcrest would expect to accrue significant short term value increases, at no cost to Hillcrest, through our through carried interest interests in quality oil and gas assets that we have identified and commenced discussions on over the last several months. Further value to Hillcrest could be expected as value is delivered from acquired assets through field development activities managed by Hillcrest and from management fees and various bonus structures under the agreements related to the Strategic Alliance. Another significant benefit, is that Hillcrest will no longer have to consider equity capital raises and/or debt to fund acquisition and development opportunities for growth. We are excited to be aligned with a financial group who recognize and are prepared to invest based on our management team's extensive experience and track record delivering value from upstream oil and gas projects and who share our belief that this is an excellent time to be acquiring assets in the Western Canadian Sedimentary Basin."


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.

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8020Admin

1 year

8020Admin posted a press release Hillcrest Signs Letter Agreement to Negotiate a Strategic Alliance to Pursue Oil and Gas Acquisitions in Western Canada in HILLCREST PETROLEUM LTD.

May 22, 2018 / TheNewswire / Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that it has signed a letter agreement (the "Letter Agreement") with a private company (the "Partner") to negotiate and form a strategic alliance (the "Strategic Alliance") for the purpose of pursuing oil and gas acquisitions in Western Canada. It is anticipated that under the Strategic Alliance, Hillcrest will introduce the Partner to pre-screened acquisition opportunities to be operated and managed by Hillcrest, and the Partner would fund the acquisition and development thereof.


Hillcrest has compiled a register of potential acquisition targets in Western Canada, selected based on criteria including positive operating cash flow from current production operations, and the potential to increase the market value of the assets by more than 3x through field development activities. Hillcrest is currently in discussions with a number of these acquisition targets.


Under the proposed Strategic Alliance, Hillcrest will make these acquisition opportunities available to the Partner. Should the Partner elect to participate in one or more of the acquisition opportunities, Hillcrest will facilitate the acquisition and development of the assets with funding provided by the Partner and operate the acquired assets under joint venture agreements. The Partner intends to raise up to $50,000,000 of funding for potential acquisitions and subsequent development of oil and gas assets through an asset backed token offering attached to the acquired oil and gas assets.


As a result of the Strategic Alliance, Hillcrest is no longer considering asset backed token financings in its own right and will continue focusing on its current business as an oil and gas company with its activities directed toward the acquisition, development and management of oil and gas assets.


It is anticipated that the Strategic Alliance will provide for the following:




  • - The Partner will have an exclusive first right of refusal to partner with Hillcrest and fund 100% of the acquisition and development costs associated with oil and gas assets identified by Hillcrest during the term of the Strategic Alliance.


    - For any assets which the Partner elects to fund, Hillcrest will manage and operate those assets under the terms of joint venture agreements between Hillcrest and the Partner.


    - Hillcrest will receive a 25% carried interest in any assets acquired.


    - Hillcrest will receive a management fee and be entitled to recover its out-of-pocket costs for managing the assets.




The parties expect to complete a binding definitive agreement to give effect to the terms of the Letter Agreement by the end of May 2018.


Don Currie, Hillcrest CEO, states: "Hillcrest is excited to have created a working relationship with our potential new partner. The relationship between the parties will see their capital back our Western Canadian acquisition opportunities, with both parties benefiting as acquisitions are completed and further field development is commenced. The immediate value to Hillcrest is that we expect to be able to acquire significant interests in quality oil and gas assets we have identified and commenced discussions on over the last several months without significant equity capital raises, thus minimising shareholder dilution or avoiding it altogether. Our management team has an extensive track record of delivering value from upstream oil and gas projects and we believe this is an excellent time to be acquiring assets in the Western Canadian Sedimentary Basin."


The Company has granted an aggregate of 300,000 incentive stock options to a director of the Company for the purchase of common shares exercisable at a price of $0.06 per share until May 1, 2022.


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.

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8020Admin

1 year

8020Admin posted a press release Hillcrest Engages Torrey Hills Capital in HILLCREST PETROLEUM LTD.

April 11, 2018 / TheNewswire / VANCOUVER, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (Trading symbol HRH:TSX.V HLRTF:OTCQB) is pleased to announce that it has engaged San Diego Torrey Hills Capital, Inc. ("Torrey Hills Capital"), a Rancho Santa Fe, California based investor relations firm, to provide market awareness and investor relations services to the Company, subject to TSX Venture Exchange acceptance.


Torrey Hills Capital is a leading investor and financial public relations firm specializing in small and micro-cap companies. Torrey Hills Capital will increase awareness about Hillcrest through its established relationships with investment professionals, investment advisors, and money managers focused on the microcap market space. This will allow the Company to build and maintain an informed investor audience in both the U.S and Canadian marketplaces.


Torrey Hills Capital has been engaged for an initial term of 12 months at a rate of $3,000 in month one, $5,000 in month two, and $6,500 in month three and for all subsequent months. After the twelve months, the engagement will become month to month subject to a 30-day termination notice by either party after month three. In addition, Hillcrest has agreed to a one-time grant of 300,000 incentive stock options (the "Options") exercisable at a price of $0.06 per share for a period of three years. The Options shall be subject to the terms of the Company's stock option plan and will vest in accordance with the provisions therein and the policies of the TSX Venture Exchange.


Torrey Hills Capital currently has no direct or indirect interest in the securities of Hillcrest, or any right or intent to acquire such an interest except pursuant to the exercise of the above referenced Options.


The appointment of Torrey Hills Capital as an investor relations consultant of Hillcrest and the granting of the Options remain subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.


About Torrey Hills Capital


Torrey Hills Capital was formed in 1998 and is headquartered in Rancho Santa Fe, California. The team of professionals offers experience and expertise in investor relations, corporate communications, non-deal road shows, and market support activities. Torrey Hills Capital specializes in the development and marketing of emerging growth companies which trade in the United States (NYSE, AMEX, and OTC) and in Canada (TSX, TSX-V, and CSE). Marketing activities articulate key investment attributes, strategic direction, and financial expectations, which combine to ensure that client market value fully reflects past achievements and future opportunities. Further information is available at www.torreyhillscapital.com


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

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8020Admin

1 year

8020Admin posted a press release Hillcrest to Attend Energy Blockchain Forum in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / March 19, 2018 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (Trading symbol HRH:TSX.V HLRTF:OTCQB) is pleased to announce that the Company has been invited to attend and participate in an Energy Blockchain Forum at The Amegy Bank Conference Center in Houston Texas Thursday March 22. The Forum is designed to "bring blockchain applications with real purpose to the energy industry" as stated in the brochure.


The Energy Blockchain Forum in Houston is sponsored by Entoro Capital, LLC, BDO and Hart Energy. On January 25th 2018, Hillcrest announced they had engaged Entoro Capital LLC to advise the Company on the potential undertaking of a digital currency Initial Coin Offering. Entoro, in their capacity as advisor to the Company has invited Hillcrest to attend and participate in the Forum.


The panel of subject experts attending include:



Click Image To View Full Size


Participating in the forum is an excellent opportunity for Hillcrest to be further educated by digital security sector experts as it potentially relates to the energy industry." Don Currie, Hillcrest Petroleum CEO, states: "As mentioned in our previous release, Hillcrest is excited to be working with Entoro Capital LLC and jointly pursuing an ICO as an alternate form of financing which could result in additional value for the Company. The investment community has been extremely supportive of alternate currencies and Hillcrest looks forward to supporting our business plan by potentially participating in this new and rapidly evolving investment process. The Company intends to use Western Canadian reserves and production as the value basis for an ICO and will be better placed to attract a broader spectrum of investors. An ICO may be a particularly effective funding alternative for Hillcrest as it could potentially provide access to substantial capital funding to deliver value growth from existing and new Western Canadian oil and gas projects, without exposing existing shareholders to potential dilution through conventional equity funding.


As an oil and gas acquisition and development company, Hillcrest needs to explore additional or alternate ways to finance our growth. The industry had previously financed the majority of acquisitions and development of oil and gas assets through equity offerings and/or bank funds. Capital from traditional funding sources has been proven difficult to access over the past few years. Hillcrest believes Western Canada is full of potential acquisitions of oil and gas assets and can be more aggressive in our pursuit of assets if funding is in place."


ICO and Token Considerations


The Company is reviewing an ICO at this time and may decide to proceed with an ICO offer in the future. Any ICO would be compliant with relevant securities regulation and require Exchange approvals. If the Company decides to proceed with an ICO, it will determine the terms of such offering, and if such offering may be deemed to be either a security under the Securities Act (British Columbia) or a derivative.


If the ICO is determined to be a security, it will require either a prospectus or an exemption from the prospectus requirement to issue Coins and/or Tokens and to effect trades. The Company may utilize the accredited investors exemption, the offering memorandum exemption or such other exemptions from the prospectus requirement detailed in National Instrument 45-106 - Prospectus Exemptions. There is no assurance that such exemptions will be granted. However, in certain instances the issuance of a Token may be determined to be a derivative if the underlying asset of the Coin is a commodity which is not an investment contract. Until the Company finalizes terms of its ICO, it will be unable to determine for certain if the Token is a security or a derivative.


A Token or Coin issued under an ICO would not give the acquirer equity, other interests or rights in the Company equivalent to a holder of common shares. For example, no rights would be granted to participate in the profits or the distribution of assets of the Company, nor any voting rights in any meeting of the security holders of the Company.


If the Company proceeds with an ICO, it is considered that Tokens and Coins would be issued to investors entitling them to the value attached to a specific amount of oil hydrocarbon produced from Company properties included in the ICO.


The Company only recently established oil production in Canada through its well reactivation program in Saskatchewan and is still in the development planning phase for its Saskatchewan and Alberta properties. An ICO linked to oil and gas production from Hillcrest's future oil and gas developments will therefore be a speculative investment, with no time frame defined for when commercial production from the Company's current and future oil and gas properties and projects will commence. Reserves reports from competent 3rd parties on the Company's oil and gas assets and potential future acquisitions are not yet available. The Company intends to commission and provide relevant reports for an ICO as appropriate.


If the Company proceeds with an ICO, then cash will be received for Token and Coin issuances. These will be recorded as liabilities in its financial statements, which will require the delivery of hydrocarbons if commercial production is achieved. Hillcrest shareholders should be aware that, depending on the terms of a Token or Coin issuance, Token or Coin holders will be entitled to receive value in hydrocarbons produced from Company properties included in the ICO, if and when commercial production is achieved. After redemptions of hydrocarbons are satisfied, remaining oil and gas production would be available for the Company to sell. The Company does not intend to create our own platform for the trading of any potential Tokens or Coins.


The Company and Entoro will work together to seek funding to back the proposal and to eventually develop the currency program. The Company intends to utilize the expertise of Entoro Capital LLC and their respective contacts in establishing a potential ICO.


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.

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8020Admin

1 year

8020Admin posted a press release Saskatchewan Joint Venture Project Update in HILLCREST PETROLEUM LTD.

(via TheNewswire)


VANCOUVER, B.C. / TheNewswire / March 12, 2018 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that the Company has submitted the license documents to the Provincial Regulator that are required in order to commence the re-development of the West Hazel oil pool ("the Field"), located in Western Saskatchewan. Regulatory approval is expected before the end of April after which the Company will undertake field operations with the objective of restoring oil production from the Field to approximately 300 barrels of oil per day ("bopd").


Further to previous announcements regarding Western Canada oil assets, the Company has executed an agreement where it, via a wholly owned subsidiary and as operator of record for the field, will earn up to a 75% Working Interest. Production restoration operations are expected to commence during the second quarter of this year. Hillcrest commissioned and received a 3rd party technical report that identifies additional development opportunities within the Field. Both behind-pipe re-completions as well as in-fill drilling potential have been identified, and Hillcrest is planning to pursue production increases from within the Field during the 3rd and 4th quarters of 2018.


The primary terms of the agreement regarding the restoration of production of the Field are as follows:




  • - The Company, as operator, will earn up to 75% Working Interest in the Field by contributing technical expertise and funding to restore production. Hillcrest's Working Interest will revert to 50% once the Company has recovered all production restoration costs from the production revenues.


    - Hillcrest has arranged third party project funding which has been provided on a non-dilutive basis to Hillcrest shareholders. Project funding will be secured by the Assets and by the Company.


    - Additional infield development opportunities, such as well re-completions or development drilling locations, are expected to be financed through cash flow from the assets.




"Hillcrest is very pleased that production restoration operations at the West Hazel field in Saskatchewan are imminent." Don Currie, Hillcrest Petroleum CEO, states: "The project will provide near-term cash flow which may increase if and when we undertake further development operations. The Field was producing over 300 bopd when the former operators suspended production due to cyclically low oil prices. Hillcrest is confident production can be restored to previous levels after which further development will be considered. The Company has a majority working interest in the Field which was obtained at a very attractive cost level. Current commodity prices along with reduced operating expenses are expected to enhance the profitability of the Field. In addition to West Hazel, Hillcrest continues to review and pursue other Western Canada based opportunities and will inform our shareholders as material acquisitions or partnerships occur.,


For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company's website atwww.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) 2018 TheNewswire - All rights reserved.



News Provided by TheNewsWire via QuoteMedia

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Hillcrest Petroleum Ltd.

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Hillcrest Petroleum Ltd. is focused on adding, creating and increasing value through the acquisition, development and production of conventional oil and gas assets in the United States and Canada. Join our investor group to learn more.

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Hillcrest Petroleum Ltd.

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Hillcrest Petroleum Ltd. is focused on adding, creating and increasing value through the acquisition, development and......

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8020Admin

3 days

8020Admin posted a press release Hillcrest Provides Update and Announces Closing of Unit Private Placement in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. - TheNewswire - July 5, 2019 - Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF)(the "Company" or "Hillcrest") - As previously announced the upgraded West Hazel production facilities were commissioned in January, with initial production from two wells commencing concurrently. A third well was brought online in March, followed by the fourth well in early June. Resulting oil sales have delivered positive operating cash flow to the Company for the first time in over two years, with revenues from field operations covering all associated operating costs, including asset related finance charges.


The wells are currently producing over 4,500 barrels per day total fluid, consisting of oil and water with oil representing 1.5% to 2% of total fluid. While the total fluid volumes are as expected, oil cuts have yet to stabilize and return to those observed prior to field shut-in in 2015, which delivered higher oil production rates. Heavy oil reservoirs such as those in West Hazel typically take some time to return to previous production levels after prolonged shut-in periods. The Company is reviewing options to maximize oil production from current wells through existing facilities and possibly with further upgrades.


"We cannot overstate the importance these four wells have for Hillcrest" states Don Currie, CEO of Hillcrest Petroleum. "The revenues from production and sales are covering costs and showing a modest, but significant, monthly profit. The production sets a base for the Company to build on, which we are working toward in the third quarter. Hillcrest, with the support of its funding partners, continues to identify and evaluate potential producing asset acquisitions in the Western Canadian Sedimentary Basin. We will update shareholders as these activities progress."


In addition, the Company announces thatit has closed a non-brokered private placement wherein the Company has issued 3,900,000 Units at $0.05 per Unit(the "Offering") for gross proceeds of $195,000. Each Unit consisted of one common share in the capital of the Company ("Share") plus one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional Share at a price of $0.10 until May 10, 2021.


All securities issued in connection with this Offering will be subject to a statutory hold period ending on September 10, 2019 in accordance with applicable securities legislation. The net proceeds from the Offering will be used to advance the Company's West Hazel oil project in Saskatchewan and for general working capital. The Company paid $1,629 in cash finder's fees and issued 272,000 finder's warrants in connection with the Offering. The finder's warrants have the same terms as the Unit warrants.


For more information on Hillcrest Petroleum Ltd., contact Donald 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.

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8020Admin

4 months

8020Admin posted a press release Hillcrest Oil Production Climbs in HILLCREST PETROLEUM LTD.

March 21, 2019 / TheNewswire / VANCOUVER, B.C. - As previously announced by Hillcrest Petroleum Ltd. ("Hillcrest" or the "Company") the upgraded West Hazel production facility is in operation, and production started from 2 wells on January 13th and January 15th, respectively. Initial fluid production rates from both wells were as expected. Production from a 3rd well was brought on line in early March when weather conditions softened after an extreme record-breaking cold snap.


Production over the last 5 days from the 3 wells has averaged 150 barrels per day which meets the lower production estimates the company published in our previous releases, although those estimates considered production from all 4 wells. Hillcrest is encouraged by the early results, which are meeting or exceeding previous estimates. The Company is focused on efforts to maximize the production from the current wells and is further upgrading the potential of the injector well which in turn, if successful, could result in higher production numbers from the current 3 wells. A normalized sustained production rate is expected to take another 3-4 weeks and will be released when achieved.


Hillcrest will move to work on and start production from the 4th well once current efforts have been completed, results reviewed, and a rig is available.


As previously announced, under the terms of its Joint Venture Agreement on the West Hazel property, the Company will provide 100% of reactivation costs to return the field to production to earn a 75% Working Interest, reverting to 50% after recovery of reactivation costs.


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.

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HRHCommunity MGR posted an update Hillcrest signs MOU with Xstate in HILLCREST PETROLEUM LTD.

As per the news release of yesterday Jan 28th, 2019.  Hillcrest Petroleum announced it has executed a Memorandum of Understanding (MOU) with Xstate Resources Limited, a publicly listed Australian oil and gas company, (XST-ASX) to jointly pursue oil and acquisitions in Canada and onshore USA. Hillcrest has identified and is currently reviewing producing oil and gas assets in the Western Canada Sedimentary Basins for the purpose of acquisition and development. Xstate has been participating in and is reviewing potential acquisition of various U.S. oil and gas projects.


Hillcrest is very excited about this MOU with Xstate Resources, and all the potential projects that may come as a result of this mutual MOU.


This is the link to the website of Xstate Resources for all Hillcrest Investor Group members to review: http://www.xstate.com.au/


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Don Currie posted an update in HILLCREST PETROLEUM LTD.

5 months

Further to today's press release, this video was shot at Proactive Investors this morning. We are excited about what the alliance means for Hillcrest and will be advising all as developments occur. Thank you all for you interest and support of Hillcrest Petroleum.

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8020Admin

5 months

8020Admin posted a press release Hillcrest Signs Strategic Alliance with Publicly Traded Australian Oil and Gas Company in HILLCREST PETROLEUM LTD.

January 28, 2019 / TheNewswire / VANCOUVER, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce it has executed a Memorandum of Understanding (MOU) with Xstate Resources Limited ("Xstate"), a publicly listed Australian oil and gas company, to jointly pursue oil and acquisitions in Canada and onshore USA. Hillcrest has identified and is currently reviewing producing oil and gas assets in the Western Canada Sedimentary Basins for the purpose of acquisition and development. Xstate has been participating in and is reviewing potential acquisition of various U.S. oil and gas projects.


Under the Strategic Alliance, Xstate and Hillcrest will offer participation in North American acquisition opportunities to each other. Should either company elect to pursue one or more of the acquisition opportunities, the originating company will facilitate the acquisition on behalf of the both, may operate the acquired assets under joint venture agreements and implement field development plans intended to maximize the market value of the acquired assets with capital funding provided jointly.


"Hillcrest is pleased to have Xstate as a strategic partner" Don Currie Hillcrest CEO states "Xstate's management team has a proven track record acquiring, developing and exploiting oil and gas assets world- wide. Xstate's ability to provide a wider audience and access to equity funding for jointly pursued projects is a key component of the Alliance. Hillcrest and Xstate are aligned in their strategic objectives for creating shareholder value. Both companies are focused on acquiring, developing and delivering the value potential from conventional oil and gas assets with material upside. Aligning the companies makes the collective capital, management and operational efforts much more efficient and opens the opportunity for Hillcrest to build effective and efficient core company operating capability based on larger operations than are currently available to Hillcrest ."


"It is vitally important when working in North America for joint venture interests to be aligned". Cosimo Damiano CEO Xstate explained. "Xstate will have the opportunity to work with an experienced management team, who is connected to sophisticated financial investors. The joint venture will benefit from each Partners management teams past activities in North America; scaled balance sheet capacity to access larger field acquisitions, providing economies of scale in operating costs and production operations".


The strategic Alliance is based on mutual cooperation and assistance in order to support the growth of the respective Partners onshore North America. Both Hillcrest and Xstate intend that the Alliance will be the primary investment vehicle for material investments by either Party in the Canadian and USA oil and gas sector. Hillcrest will support future investment by Xstate and Xstate will support future investments made by Hillcrest in onshore North America projects. The Parties will include each other in investment opportunities where it is in the best interest of both Companies shareholders as a whole.


The Board of Hillcrest welcomes the formalization of the Strategic Alliance with Xstate that secures collective future growth opportunities.


For all upcoming news releases, articles, comments and questions, stay updated and speak with management about Hillcrest Petroleum. Please JOIN our Investor Information Group at: http://connects.company/hillcrest9


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


About Xstate Resources Limited


Xstate Resources (ASX Code: XST) is an ASX listed company focused on the oil and gas sector. The Company has existing gas exploration assets located in the Sacramento Basin, California and associated gas production. Xstate is presently pursuing new opportunities in the oil and gas sector onshore North America .


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.

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Media Relations posted an update in HILLCREST PETROLEUM LTD.

6 months

Hillcrest Petroleum Ltd. | CEO Don Currie | Oil & Gas Production Company

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8020Admin

6 months

8020Admin posted a press release Saskatchewan Oil Production Operations Update in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / January 17, 2019 - Hillcrest Petroleum Ltd. (the "Company")(TSX-V:HRH; OTC:HLRTF) is pleased to report the upgraded West Hazel production facility is in operation, and production started from 2 wells on January 13th and January 15th, respectively. Initial fluid production rates from both wells are as expected. Production from the remaining 2 wells will brought on line after workovers on these wells are completed.


The Company's previously announced plans to restore production from the West Hazel Field has been completed on budget. Oil production from the 4 wells is expected to stabilize between 150-250 bbls/day, with potential to increase to 500 bbl/day through further, previously unidentified field development activities including well recompletions and development drilling. Production facilities, which include an integrated water injection system, have been upgraded to increase the fluid handling capacity in anticipation of higher production volumes. Increased capacity through production facility upgrades are expected to substantially reduce operating costs per barrel of oil as production increases with field development.


As previously announced, under the terms of its Joint Venture Agreement on the West Hazel property, the Company will provide 100% of reactivation costs to return the field to production to earn a 75% Working Interest, reverting to 50% after recovery of reactivation costs.


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.

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8020Admin

6 months

8020Admin posted a press release Saskatchewan Oil Production Operations Update in HILLCREST PETROLEUM LTD.

December 27, 2018 / TheNewswire / VANCOUVER, B.C. - Further to the Company's October 2, 2018 announcement regarding the re-start of production from the West Hazel Field in Saskatchewan, we are pleased to provide the following update.


The Company's previously announced plans to restore production from the West Hazel Field has been completed on budget with oil production expected to commence on January 15, 2019. Oil production is expected to stabilize between 150-250 bbls/day with currently existing wells and facilities, with potential to increase to 500 bbl/day through further, previously unidentified field development activities including well recompletions and development drilling.


Integrated oil production facilities, including production tanks, flow lines, wellbores and water injection system have been inspected and cleaned/repaired/upgraded as required. The Company has determined that the existing water disposal well located within the field area, after modest upgrades to its downhole equipment, now has the required disposal capacity for the expected and future water production from the field. The availability of a water disposal well within the field area eliminates significant additional costs to truck produced water to a commercial disposal site.


As previously announced, under the terms of its Joint Venture Agreement on the West Hazel property, the Company will provide 100% of reactivation costs to return the field to production through a wholly owned subsidiary to earn a 75% Working Interest, reverting to 50% after recovery of reactivation costs.


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.

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8020Admin

9 months

8020Admin posted a press release Hillcrest to Commence Operations to Re-Start Oil Production Operations in Saskatchewan in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / October 2, 2018 - Hillcrest Petroleum Ltd. (the "Company") (TSX-V: HRH) (OTCQB:HLRTF) is pleased to announce that it is commencing operations to re-start oil production from the West Hazel Oil field in Saskatchewan, with first oil sales expected in November, 2018.


Under the terms of its Joint Venture Agreement, the Company will provide 100% of reactivation costs to return the field to production through a wholly owned subsidiary to earn a 75% Working Interest, reverting to 50% after reactivation costs are paid back from cash flow.


The West Hazel field produced over 200 bbl/day oil before being shut in by the previous operator due to financial distress in 2015.


Restoring production from the West Hazel field includes refurbishing and upgrading production facilities including water disposal and returning four previously producing wells to production.


Initial oil production is expected to be between 150 and 250 bbl/day, with potential to increase to 500 bbl/day with further and previously unidentified well recompletions and development drilling in 2019.


Immediate reactivation costs are expected to total approximately $750,000.


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.

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Don Currie commented on Chris H  update in HILLCREST PETROLEUM LTD.

11 months

Is management of Hillcrest Petroleum even aware that a person who uses TD web-broker can't even buy HRH shares on the Internet ? The following message occurs: This order cannot be placed electronically. Please contact TD Direct Investing at 1-800-465-5463 or 416-982-7686 to place this order. [ 90211 ] Probably a glitch, but, it has been like this for weeks. Anyone know (or care) about this here or with management ?

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Chris H posted an update in HILLCREST PETROLEUM LTD.

11 months

Is management of Hillcrest Petroleum even aware that a person who uses TD web-broker can't even buy HRH shares on the Internet ? The following message occurs: This order cannot be placed electronically. Please contact TD Direct Investing at 1-800-465-5463 or 416-982-7686 to place this order. [ 90211 ] Probably a glitch, but, it has been like this for weeks. Anyone know (or care) about this here or with management ?

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8020Admin

1 year

8020Admin posted a press release Hillcrest Appoints Chief Operating Officer and is Approved as Operator in Saskatchewan in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / June 13, 2018 - The Company is pleased to announce the appointment of Dale Miller to the position of Chief Operating Officer, effective immediately. Mr. Miller brings over 35 years of Canadian oil and gas operating experience across the Western Canadian Sedimentary basin, building oil and gas companies through production and field development as well as acquisitions and divestments.


Mr. Miller has been engaged to establish and manage Hillcrest's Canadian oil and gas operations, including the West Hazel field re-activation and additional potential producing Canadian oil and gas properties that may be acquired under the recently announced Strategic Alliance with a private company currently sourcing up to US$50,000,000 funding exclusively for oil and gas acquisitions in Canada with Hillcrest.


Under the terms of the Strategic Alliance, Hillcrest will identify, screen and offer potential acquisitions to the private company. If accepted, Hillcrest will facilitate acquisitions, be assigned a 25% carried interest and will operate oil and gas properties acquired, as well as receive management fees and performance bonuses.


As part of his engagement arrangements with the Company, Mr. Miller has been granted 350,000 incentive stock options exercisable at $0.065 per share until June 13, 2022.


In addition, Hillcrest's wholly owned Saskatchewan subsidiary has been approved as an operator of oil and gas assets in Saskatchewan. Being approved as an operator enables the Company to conduct oil and gas operations in Saskatchewan starting with the West Hazel field reactivation to restore previous production of over 200 bbl/day of oil under the terms of a previously announced Joint Venture Agreement ("JVA"). Pursuant to the JVA Hillcrest earns a 75% working interest in exchange for incurring 100% of the reactivation costs.


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.

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8020Admin

1 year

8020Admin posted a press release Hillcrest Signs Binding Agreements Forming Strategic Alliance to Pursue Oil and Gas Acquisitions in Western Canada in HILLCREST PETROLEUM LTD.

Vancouver, B.C. / TheNewswire / May 29, 2018 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that it has signed binding agreements creating a Strategic Alliance (the "Strategic Alliance") with a private company (the "Partner") to pursue oil and gas acquisitions in Western Canada. Under the Strategic Alliance, Hillcrest will grant the Partner an exclusive right of first refusal on pre-screened acquisition opportunities to be operated and managed by Hillcrest and will be assigned a 25% carried interest in any acquired assets in exchange for access to its acquisition opportunity register and oil and gas business management services. The Partner will fund 100% of acquisition and development costs.


Hillcrest has compiled a register of potential oil and gas acquisition targets in Western Canada, selected based on criteria including positive operating cash flow from current production operations and the potential to increase the market value of the assets by more than 3x through field development activities. Hillcrest is currently in various stages of discussions with a number of vendors regarding these acquisition targets.


Under the Strategic Alliance, Hillcrest will offer acquisition opportunities to the Partner. Should the Partner elect to pursue one or more of the acquisition opportunities, Hillcrest will facilitate the acquisition on behalf of the Partner, operate the acquired assets under joint venture agreements and implement field development plans intended to maximize the market value of the acquired assets with capital funding provided by the Partner.


The Partner intends to raise up to $50,000,000 to fund potential acquisition and subsequent development of oil and gas assets through an asset secured token offering attached to the acquired oil and gas assets. The Partner has engaged an investment banking and financial services group with specialist expertise in block chain tokens and has initiated activities with them in preparation to market the tokens in the coming weeks.


As previously announced on May 22nd, and consistent with the terms of the Strategic Alliance, Hillcrest continues to focus on its core business as an oil and gas company with activities directed toward the acquisition, development and management of oil and gas assets.


Highlights of the Strategic Alliance are:


-The Partner has an exclusive first right of refusal to partner with Hillcrest on oil and gas acquisitions in Western Canada identified by Hillcrest.


-The Partner will fund 100% of the acquisition and development costs associated with oil and gas assets.


-Hillcrest will provide oil and gas business management services and will manage and operate assets acquired under the terms of agreements related to the Strategic Alliance between Hillcrest and the Partner.


-Hillcrest will receive a direct 25% carried ownership interest in any assets acquired.


-Hillcrest will receive a management fee and full cost recovery for providing oil and gas business management services to identify, acquire and manage Canadian oil and gas assets, as well as milestone based bonuses and operational performance based bonuses to be agreed with the Partner after assets are acquired.


-The term of the agreements are 5 years, with options to extend.


Don Currie, Hillcrest CEO, states: "The execution of the binding agreements forming this Strategic Alliance with a funding partner is a substantial development for Hillcrest and one that has the ability to fast track our acquisition and development plans. The relationship between the parties will see their capital back our Western Canadian acquisition opportunities, with both parties benefiting as acquisitions are completed and further field development is undertaken to unlock the value in the assets. Assuming the Partner is successful in its financing activities over the coming weeks, Hillcrest would expect to accrue significant short term value increases, at no cost to Hillcrest, through our through carried interest interests in quality oil and gas assets that we have identified and commenced discussions on over the last several months. Further value to Hillcrest could be expected as value is delivered from acquired assets through field development activities managed by Hillcrest and from management fees and various bonus structures under the agreements related to the Strategic Alliance. Another significant benefit, is that Hillcrest will no longer have to consider equity capital raises and/or debt to fund acquisition and development opportunities for growth. We are excited to be aligned with a financial group who recognize and are prepared to invest based on our management team's extensive experience and track record delivering value from upstream oil and gas projects and who share our belief that this is an excellent time to be acquiring assets in the Western Canadian Sedimentary Basin."


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.

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8020Admin

1 year

8020Admin posted a press release Hillcrest Signs Letter Agreement to Negotiate a Strategic Alliance to Pursue Oil and Gas Acquisitions in Western Canada in HILLCREST PETROLEUM LTD.

May 22, 2018 / TheNewswire / Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that it has signed a letter agreement (the "Letter Agreement") with a private company (the "Partner") to negotiate and form a strategic alliance (the "Strategic Alliance") for the purpose of pursuing oil and gas acquisitions in Western Canada. It is anticipated that under the Strategic Alliance, Hillcrest will introduce the Partner to pre-screened acquisition opportunities to be operated and managed by Hillcrest, and the Partner would fund the acquisition and development thereof.


Hillcrest has compiled a register of potential acquisition targets in Western Canada, selected based on criteria including positive operating cash flow from current production operations, and the potential to increase the market value of the assets by more than 3x through field development activities. Hillcrest is currently in discussions with a number of these acquisition targets.


Under the proposed Strategic Alliance, Hillcrest will make these acquisition opportunities available to the Partner. Should the Partner elect to participate in one or more of the acquisition opportunities, Hillcrest will facilitate the acquisition and development of the assets with funding provided by the Partner and operate the acquired assets under joint venture agreements. The Partner intends to raise up to $50,000,000 of funding for potential acquisitions and subsequent development of oil and gas assets through an asset backed token offering attached to the acquired oil and gas assets.


As a result of the Strategic Alliance, Hillcrest is no longer considering asset backed token financings in its own right and will continue focusing on its current business as an oil and gas company with its activities directed toward the acquisition, development and management of oil and gas assets.


It is anticipated that the Strategic Alliance will provide for the following:




  • - The Partner will have an exclusive first right of refusal to partner with Hillcrest and fund 100% of the acquisition and development costs associated with oil and gas assets identified by Hillcrest during the term of the Strategic Alliance.


    - For any assets which the Partner elects to fund, Hillcrest will manage and operate those assets under the terms of joint venture agreements between Hillcrest and the Partner.


    - Hillcrest will receive a 25% carried interest in any assets acquired.


    - Hillcrest will receive a management fee and be entitled to recover its out-of-pocket costs for managing the assets.




The parties expect to complete a binding definitive agreement to give effect to the terms of the Letter Agreement by the end of May 2018.


Don Currie, Hillcrest CEO, states: "Hillcrest is excited to have created a working relationship with our potential new partner. The relationship between the parties will see their capital back our Western Canadian acquisition opportunities, with both parties benefiting as acquisitions are completed and further field development is commenced. The immediate value to Hillcrest is that we expect to be able to acquire significant interests in quality oil and gas assets we have identified and commenced discussions on over the last several months without significant equity capital raises, thus minimising shareholder dilution or avoiding it altogether. Our management team has an extensive track record of delivering value from upstream oil and gas projects and we believe this is an excellent time to be acquiring assets in the Western Canadian Sedimentary Basin."


The Company has granted an aggregate of 300,000 incentive stock options to a director of the Company for the purchase of common shares exercisable at a price of $0.06 per share until May 1, 2022.


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.

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8020Admin

1 year

8020Admin posted a press release Hillcrest Engages Torrey Hills Capital in HILLCREST PETROLEUM LTD.

April 11, 2018 / TheNewswire / VANCOUVER, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (Trading symbol HRH:TSX.V HLRTF:OTCQB) is pleased to announce that it has engaged San Diego Torrey Hills Capital, Inc. ("Torrey Hills Capital"), a Rancho Santa Fe, California based investor relations firm, to provide market awareness and investor relations services to the Company, subject to TSX Venture Exchange acceptance.


Torrey Hills Capital is a leading investor and financial public relations firm specializing in small and micro-cap companies. Torrey Hills Capital will increase awareness about Hillcrest through its established relationships with investment professionals, investment advisors, and money managers focused on the microcap market space. This will allow the Company to build and maintain an informed investor audience in both the U.S and Canadian marketplaces.


Torrey Hills Capital has been engaged for an initial term of 12 months at a rate of $3,000 in month one, $5,000 in month two, and $6,500 in month three and for all subsequent months. After the twelve months, the engagement will become month to month subject to a 30-day termination notice by either party after month three. In addition, Hillcrest has agreed to a one-time grant of 300,000 incentive stock options (the "Options") exercisable at a price of $0.06 per share for a period of three years. The Options shall be subject to the terms of the Company's stock option plan and will vest in accordance with the provisions therein and the policies of the TSX Venture Exchange.


Torrey Hills Capital currently has no direct or indirect interest in the securities of Hillcrest, or any right or intent to acquire such an interest except pursuant to the exercise of the above referenced Options.


The appointment of Torrey Hills Capital as an investor relations consultant of Hillcrest and the granting of the Options remain subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.


About Torrey Hills Capital


Torrey Hills Capital was formed in 1998 and is headquartered in Rancho Santa Fe, California. The team of professionals offers experience and expertise in investor relations, corporate communications, non-deal road shows, and market support activities. Torrey Hills Capital specializes in the development and marketing of emerging growth companies which trade in the United States (NYSE, AMEX, and OTC) and in Canada (TSX, TSX-V, and CSE). Marketing activities articulate key investment attributes, strategic direction, and financial expectations, which combine to ensure that client market value fully reflects past achievements and future opportunities. Further information is available at www.torreyhillscapital.com


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

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8020Admin

1 year

8020Admin posted a press release Hillcrest to Attend Energy Blockchain Forum in HILLCREST PETROLEUM LTD.

VANCOUVER, B.C. / TheNewswire / March 19, 2018 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (Trading symbol HRH:TSX.V HLRTF:OTCQB) is pleased to announce that the Company has been invited to attend and participate in an Energy Blockchain Forum at The Amegy Bank Conference Center in Houston Texas Thursday March 22. The Forum is designed to "bring blockchain applications with real purpose to the energy industry" as stated in the brochure.


The Energy Blockchain Forum in Houston is sponsored by Entoro Capital, LLC, BDO and Hart Energy. On January 25th 2018, Hillcrest announced they had engaged Entoro Capital LLC to advise the Company on the potential undertaking of a digital currency Initial Coin Offering. Entoro, in their capacity as advisor to the Company has invited Hillcrest to attend and participate in the Forum.


The panel of subject experts attending include:



Click Image To View Full Size


Participating in the forum is an excellent opportunity for Hillcrest to be further educated by digital security sector experts as it potentially relates to the energy industry." Don Currie, Hillcrest Petroleum CEO, states: "As mentioned in our previous release, Hillcrest is excited to be working with Entoro Capital LLC and jointly pursuing an ICO as an alternate form of financing which could result in additional value for the Company. The investment community has been extremely supportive of alternate currencies and Hillcrest looks forward to supporting our business plan by potentially participating in this new and rapidly evolving investment process. The Company intends to use Western Canadian reserves and production as the value basis for an ICO and will be better placed to attract a broader spectrum of investors. An ICO may be a particularly effective funding alternative for Hillcrest as it could potentially provide access to substantial capital funding to deliver value growth from existing and new Western Canadian oil and gas projects, without exposing existing shareholders to potential dilution through conventional equity funding.


As an oil and gas acquisition and development company, Hillcrest needs to explore additional or alternate ways to finance our growth. The industry had previously financed the majority of acquisitions and development of oil and gas assets through equity offerings and/or bank funds. Capital from traditional funding sources has been proven difficult to access over the past few years. Hillcrest believes Western Canada is full of potential acquisitions of oil and gas assets and can be more aggressive in our pursuit of assets if funding is in place."


ICO and Token Considerations


The Company is reviewing an ICO at this time and may decide to proceed with an ICO offer in the future. Any ICO would be compliant with relevant securities regulation and require Exchange approvals. If the Company decides to proceed with an ICO, it will determine the terms of such offering, and if such offering may be deemed to be either a security under the Securities Act (British Columbia) or a derivative.


If the ICO is determined to be a security, it will require either a prospectus or an exemption from the prospectus requirement to issue Coins and/or Tokens and to effect trades. The Company may utilize the accredited investors exemption, the offering memorandum exemption or such other exemptions from the prospectus requirement detailed in National Instrument 45-106 - Prospectus Exemptions. There is no assurance that such exemptions will be granted. However, in certain instances the issuance of a Token may be determined to be a derivative if the underlying asset of the Coin is a commodity which is not an investment contract. Until the Company finalizes terms of its ICO, it will be unable to determine for certain if the Token is a security or a derivative.


A Token or Coin issued under an ICO would not give the acquirer equity, other interests or rights in the Company equivalent to a holder of common shares. For example, no rights would be granted to participate in the profits or the distribution of assets of the Company, nor any voting rights in any meeting of the security holders of the Company.


If the Company proceeds with an ICO, it is considered that Tokens and Coins would be issued to investors entitling them to the value attached to a specific amount of oil hydrocarbon produced from Company properties included in the ICO.


The Company only recently established oil production in Canada through its well reactivation program in Saskatchewan and is still in the development planning phase for its Saskatchewan and Alberta properties. An ICO linked to oil and gas production from Hillcrest's future oil and gas developments will therefore be a speculative investment, with no time frame defined for when commercial production from the Company's current and future oil and gas properties and projects will commence. Reserves reports from competent 3rd parties on the Company's oil and gas assets and potential future acquisitions are not yet available. The Company intends to commission and provide relevant reports for an ICO as appropriate.


If the Company proceeds with an ICO, then cash will be received for Token and Coin issuances. These will be recorded as liabilities in its financial statements, which will require the delivery of hydrocarbons if commercial production is achieved. Hillcrest shareholders should be aware that, depending on the terms of a Token or Coin issuance, Token or Coin holders will be entitled to receive value in hydrocarbons produced from Company properties included in the ICO, if and when commercial production is achieved. After redemptions of hydrocarbons are satisfied, remaining oil and gas production would be available for the Company to sell. The Company does not intend to create our own platform for the trading of any potential Tokens or Coins.


The Company and Entoro will work together to seek funding to back the proposal and to eventually develop the currency program. The Company intends to utilize the expertise of Entoro Capital LLC and their respective contacts in establishing a potential ICO.


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.

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8020Admin

1 year

8020Admin posted a press release Saskatchewan Joint Venture Project Update in HILLCREST PETROLEUM LTD.

(via TheNewswire)


VANCOUVER, B.C. / TheNewswire / March 12, 2018 - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") is pleased to announce that the Company has submitted the license documents to the Provincial Regulator that are required in order to commence the re-development of the West Hazel oil pool ("the Field"), located in Western Saskatchewan. Regulatory approval is expected before the end of April after which the Company will undertake field operations with the objective of restoring oil production from the Field to approximately 300 barrels of oil per day ("bopd").


Further to previous announcements regarding Western Canada oil assets, the Company has executed an agreement where it, via a wholly owned subsidiary and as operator of record for the field, will earn up to a 75% Working Interest. Production restoration operations are expected to commence during the second quarter of this year. Hillcrest commissioned and received a 3rd party technical report that identifies additional development opportunities within the Field. Both behind-pipe re-completions as well as in-fill drilling potential have been identified, and Hillcrest is planning to pursue production increases from within the Field during the 3rd and 4th quarters of 2018.


The primary terms of the agreement regarding the restoration of production of the Field are as follows:




  • - The Company, as operator, will earn up to 75% Working Interest in the Field by contributing technical expertise and funding to restore production. Hillcrest's Working Interest will revert to 50% once the Company has recovered all production restoration costs from the production revenues.


    - Hillcrest has arranged third party project funding which has been provided on a non-dilutive basis to Hillcrest shareholders. Project funding will be secured by the Assets and by the Company.


    - Additional infield development opportunities, such as well re-completions or development drilling locations, are expected to be financed through cash flow from the assets.




"Hillcrest is very pleased that production restoration operations at the West Hazel field in Saskatchewan are imminent." Don Currie, Hillcrest Petroleum CEO, states: "The project will provide near-term cash flow which may increase if and when we undertake further development operations. The Field was producing over 300 bopd when the former operators suspended production due to cyclically low oil prices. Hillcrest is confident production can be restored to previous levels after which further development will be considered. The Company has a majority working interest in the Field which was obtained at a very attractive cost level. Current commodity prices along with reduced operating expenses are expected to enhance the profitability of the Field. In addition to West Hazel, Hillcrest continues to review and pursue other Western Canada based opportunities and will inform our shareholders as material acquisitions or partnerships occur.,


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


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