VANCOUVER, B.C. March 13, 2014 – Hillcrest Resources Ltd. (the “Company” or Hillcrest”) (TSX.V : HRH) is pleased to report that the recently drilled Donner #4 well, located in Newton County Texas, has been completed as a gas producer. The well was recently drilled to a total depth of 7510 feet at which time logs were run and interpreted. The well has been initially completed in the 7400 Struma sand, a known gas producer elsewhere in the Field. Following a short term gas to surface test, the well was shut in pending the installation of surface facilities necessary for gas sales. Equipment for production was ordered and is expected to arrive within the next week at which time the well will be opened for sales. Hillcrest has a 60% working interest in the Donner #4 well.
“Hillcrest is pleased with the recent developments on the Donner #4 well” states Don Currie, the Company’s CEO and Chairman. “Gas sales from this well will be the third revenue producer from the Company’s Newton County assets. We have been able to continue to try and exploit our acreage through non-dilutive financing and with the success of this latest well, should see an increase in cash flow and reserve value. We expect to have further news on this well in addition to news on the recently drilled Brown #1 well over the next 7-10 business days.”
The Company will advise of the flow rates once the equipment has arrived and the well is opened
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.
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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.