VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) is pleased to provide the following production operations update from the Flaxcombe Field area, located in Western Saskatchewan. These operations are being undertaken in conjunction with our joint venture partner, Westcore Energy Ltd. (“Westcore”). These operations represent the start of hydrocarbon production for Hillcrest in the Province of Saskatchewan.
The previously announced production well workover and optimization program commenced on December 22nd, 2017. The program consists primarily of installation of sand control, production tubing and optimization of surface equipment and controls. Hillcrest is providing financial and technical support for the workover program and will earn a 50% working interest in all production from the wells.
The first well scheduled in the program, the Flaxcombe 16-13 commenced production on December 29th. Initial reported production from the well was approximately 10 m3, or 63 barrels, of total fluid per day with net oil production of 5 m3 or 31 barrels of oil. The extreme cold weather in the area is having an impact on surface equipment performance but we expect these issues to be resolved shortly. The 16-13 well has produced an estimated 88 barrels of oil in the 4 days since production re-started.
Operations on the second well in the program, the Flaxcombe 07-13, are scheduled to commence on 3rd January 2018. Pending successful completion of the operations, we expect the well to be returned to production within seven days.
The well workover program is a first step towards a contemplated larger acreage development and drilling program. Hillcrest will provide an update upon execution of formal agreements.
Production of hydrocarbons for Hillcrest from the Flaxcombe Field area precedes the resumption of production from Hillcrest’s previously announced but separate joint ventures in Saskatchewan and Alberta. We expect that production operations from these joint venture programs will commence early in Q12018.
For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
CONTACT INFORMATION
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.