VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) announces the Company has released it financial results for the nine month period ended September 30, 2016.
- For the nine month period ended September 30, 2016 the Company achieved a decrease in net loss of approximately $1.2M, or 34%, compared to the prior year period.
- Management implemented cost saving measures to reduce administrative costs by 27%
- Subsequent to the end of the period, the Company completed the sale of all of its Working Interest in the Eugene Island 32 oil field. The sale of this property also includes the transfer to the purchaser of our share of the forward liability for field de-commissioning costs, which we estimated at approximately US$6.7M net to the Company on an undiscounted basis. In addition to removing this significant forward liability, the divestment of this asset is a substantial step forward in the strategic objective to reposition the Company as an onshore operator focussed on conventional oil and gas development.
- The Company has, subject to TSX Venture exchange approval, completed the first tranche of its non-brokered private placement through the issuance of 7,300,000 units at $0.05 for gross proceeds of $365,000.
In addition to points listed the Company is pursuing and, where possible, implementing further reductions in corporate and operational costs and these will be published in the 4th quarter, year end statements.
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
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.