VANCOUVER, B.C. April 1, 2014 – Hillcrest Resources Ltd. (the “Company” or Hillcrest”) (TSX.V : HRH) is pleased to report that the recently completed Donner #4 well, located in Newton County, Texas, has started sales as a gas producer. As previously reported, the well was completed in the 7400 Struma sand, a known gas producer elsewhere in the Field and was shut in pending the installation of surface facilities necessary for gas sales.
The Donner #4 well was opened to sales flowing gas at a restricted rate of approximately 385,000 cubic feet per day on a severely restricted choke of 5/64th of an inch. The choke will be increased over the coming days as the contract Operator settles in on an optimum gas rate, expected to be in excess of 500,000 cubic feet per day.
Hillcrest has a 60% working interest in the Donner #4 well.
“The Company is pleased to see that the Donner #4 well is now selling gas” states Don Currie, the Company’s CEO and Chairman. “We now have three productive wells within our Newton County project and we expect to add additional production and revenues once our recent Brown #1 oil discovery is added to the mix. We have several prospects within the project area that we hope to evaluate this year and if successful will further add to our production and cash flows. Hillcrest has been able to continue to exploit our acreage through non-dilutive financing and with the success of this latest well, we will see an immediate increase in cash flow and reserve value.”
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.