VANCOUVER, B.C. April 22, 2014 – Hillcrest Resources Ltd. (the “Company” or “Hillcrest”) (TSX.V : HRH) is pleased to report that the Donner #4 well, located in Newton County, Texas, has increased production since sales began April 1st, 2014.
Total initial gas production from the Donner #4 well averaged approximately 325,000 standard cubic feet per day (scfpd) on a 6/64th inch choke, with no associated water. After adjusting the choke size to 8/64th inch the average gas production over the last seven days has increased to approximately 475,000 scfpd, again with no associated water. In addition to the gas, the well is also producing 3-4 barrels of condensate per day (bcpd). Hillcrest will continue to monitor the well performance, and may increase the choke size in order to further increase production and sales volumes.
Hillcrest has a 60% working interest before payout and a 36% working interest after payout in the Donner #4 well.
“The Company continues to see pleasant results from the Donner #4 well.” states Don Currie, the Company’s CEO and Chairman. “Of particular interest to us is the production of condensate associated with the gas. The production of gas at current rates and at today’s prices, along with the condensate, should add another $30,000 to $35,000 per month to corporate revenues. Current corporate revenues are primarily from sales from the Donner #1 oil well and the Donner #2 gas well. The Company will experience a further increase in monthly revenues with the sale of oil from the recently tied-in Brown #1 well and will advise of the production performance from the Brown #1 well over the next few weeks.
Hillcrest Resources has 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. The Company has been able to exploit our acreage through non-dilutive financing.
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.