VANCOUVER, B.C. January 16, 2014 – Hillcrest Resources Ltd. (the “Company” or Hillcrest”) (TSX.V : HRH) is pleased to announce the Company has received confirmation the drilling rig contracted with Progress Drilling will be on site and ready to Spud the Donner #4 well during the week of January 19th. As previously announced Hillcrest Resources Ltd had submitted applications and received approval for two development well locations located within their Newton County leases in Texas. The Company selected these locations based upon review of seismic and well data as well as the production performance of the Company’s two producing wells in the area. Hillcrest has a 60% working interest in the next 2 Donner wells.
Don Currie, CEO and Chairman, states “Hillcrest Resources is about to start a multi well program all designed to increase production, revenues and proven reserves within this calendar year. The Company has identified at least 5 potential drilling locations in our Newton County leases with potential production capabilities. Donner #4 will spud next week and be followed closely with the previously permitted Donner #3 well location. Our debt facility as well as the receipt of funds from the sale of 50% of our Montana assets has provided Hillcrest with the funds to methodically exploit our acreage as previously described.
We are excited about the potential production increase and the impact on our overall revenue upon the successful execution of this drilling campaign.”
The Company will advise when the rig is onsite and drilling has commenced.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Investors are advised to consider the risk factors under the heading “Risks and Uncertainties” in the Company’s MD&A for the year ended December 31, 2021, available at www.sedar.com for a discussion of the factors that could cause the Company’s actual results, performance and achievements to be materially different from any anticipated future results, performance, or achievements expressed or implied by the forward-looking information. 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.