VANCOUVER, B.C. December 9, 2014 – Hillcrest Resources Ltd. (the “Company” or Hillcrest”) (TSX.V: HRH US Symbol HLRTF) is pleased to announce that the Company has signed a Share Purchase Agreement (the “SPA”) to acquire Gulfsands Petroleum USA (“GPUSA”).
The acquisition includes all assets, property, staff and commitments of GPUSA. The producing assets are located in the shallow water portion of the Gulf of Mexico, offshore of the state of Louisiana. Based on current production volumes, the acquisition will provide Hillcrest with an increase in production of approximately 250 barrels of oil equivalent per day (boepd), on a working interest basis. Hillcrest has agreed to pay a consideration of $50,000 for the acquisition of GPUSA and assume certain obligations of the vendor and GPUSA through 2015. The transaction is expected to close on or before 19th December 2014.
“This is an excellent fit for purpose acquisition for Hillcrest” states Don Currie, the Company’s CEO and Chairman. “The assets are complementary to our current producing assets in Texas, and contain the potential for future production growth through development drilling and well recompletions. Commensurate with this acquisition, Hillcrest will relocate its operations headquarters to Houston.”
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.