Hillcrest commenced production from its West Hazel oil field located in Saskatchewan, during 2019, by restoring oil production from four shut-in oil wells.
Current field development comprises 4 oil producers, a water disposal well and production facilities with an integrated water treatment and injection system. The field currently produces approximately 200 barrels of oil per day from multiple, stacked oil reservoirs at a depth of approximately 450 to 500 meters.
Significant remaining development potential exists with a number of development wells identified to effectively recover remaining oil reserves.
As part of Hillcrest’s commitment to responsible operations, the Company is planning to proactively conduct field remediation activities significantly earlier than required under current regulations. Early field remediation will reduce Hillcrest’s long term abandonment liability and underscores the Company’s broader objective of reducing our environmental footprint.
The Company will use cash flows from the new and existing wells to accelerate the Company’s transition from fossil fuels to the development of clean energy technologies.