A message from the CEO, Don Currie, to interested investors:
“Hillcrest is focused on low cost conventional production of oil and gas in established basins. Assets being considered or acquired all have the ability to produce oil below $20 a barrel meaning profit at the wellhead even in the current commodity price environment. Hillcrest is also focused on adding value to assets through exploiting additional zones in existing well bores where available. Additional cash flow created through additional production would then be focused on development of new wells on acreage owned.”
Hillcrest Petroleum Ltd., headquartered in Houston, Texas, is a publicly traded independent oil and gas production company. Upon formal closing of the recently announced joint venture with a private Alberta company. Hillcrest will add production of oil and gas from the Western Canada assets included in the joint venture. Hillcrest currently owns production acreage in Newton County, Texas which the company will be looking to explore and develop in Q1 and Q2 of 2018.
East Central Alberta
– 2 wells, ~ 1100m well depth– Conventional reservoir, 27% porosity– Light oil, attracts Edmonton light pricing– 3 additional development locations already defined with 3D seismic– Artificial lift, separators, storage tanks already in place– Existing wells require quality/safety inspection, followed by modest facility upgrades and production re-start– Short distance flow-line to adjacent facility will decrease ongoing operating expense (trucking) and extend field life
A Hillcrest subsidiary will earn a 75% working interest (WI) and become the designated operator for the asset by providing the capital required to re-start production. The earned WI will revert to 50% upon project payout
Expected Initial Oil Production 125 bbl/d
– 4 SI producing oil wells, 1 suspended well, 1 water injector ~ 800m well depth– Multiple conventional reservoirs, >20% porosity– Behind pipe re-completion potential– Heavy oil (12 to 16 API), WCS pricing– 5 additional development locations defined based on subsurface mapping, may consider 3D seismic prior to drilling– Artificial lift, separators, storage tanks already in place– Existing wells require quality/safety inspection, followed by modest facility upgrades and production re-start– Potential to reduce operating expense, increase production and extend field life by optimizing the production system
A Hillcrest subsidiary will earn a 75% working interest (WI) and become the designated operator for the asset by providing the capital required to re-start production. The earned WI will revert to 50% upon project payout.
Expected Initial Oil Production 200 bbl/d to 350 bbl/d
- – Undrilled lease in highly prospective area
– Extensively mapped down-to-the basin fault provides dip closure for prospect, strike closure provided by fault relays or splay faults off of main fault line
– Multiple potential horizons, well depth < 8000’
– Mean resource case for oil reservoirs is 131 Mbbls per well
– 3D seismic available in the area, to be used to define drilling location– Mean resource case for gas reservoirs is 1.3 bcf per well
A Hillcrest subsidiary owns an 85% working interest (WI) and is the designated operator for the asset.
Executive Chairman: Former CEO and Director of NYSE listed Oil company with over 30 years oil & gas experience including senior technical and executive management positions with both large international and small listed oil and gas companies
| ||Donald J.
Chief Executive Officer: Held the offices of CEO & Chairman commencing February 2010; over 20 years experience in finance, development & operation of various North American resource properties.
Chief Operating Officer: Over 25 years of technical and management experience worldwide in exploration, appraisal, development and production operations.
Chief Financial Officer: Over 18 years of accounting/finance experience with publicly traded petroleum and mineral resource companies.
Director (Independent): Professional engineer with 30+ years in mining evaluating projects; holds Bachelor of Applied Science from the University of British Columbia, Ph.D. in Civil Engineering from Queens University & Executive Masters of Business Administration from Queens University.
Director (Independent): Senior financial executive with extensive international experience in energy E&P, pipelines, oil sands & communication technology; served as Director of both public & private companies including Chairman of Audit Committee for AMEX-listed oil sands company.
|L. Edward Parker, |
Director (Independent): 45+ years of oil and gas industry experience in executive and director positions with companies including El Paso Corp., Burlington Northern and Burlington Resources, where he held executive positions in finance, mergers and acquisitions, strategy and planning.
Exchange & Symbol: TSX-V: HRH:CA
Issued & Outstanding: 68,995,655
Fully Diluted: 88,808,155
Auditor: PricewaterhouseCoopers LLP
SEDAR: Hillcrest Petroleum
Stock Chart: HRH:CA
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