VANCOUVER, B.C. – The Company is pleased to announce the appointment of Dale Miller to the position of Chief Operating Officer, effective immediately. Mr. Miller brings over 35 years of Canadian oil and gas operating experience across the Western Canadian Sedimentary basin, building oil and gas companies through production and field development as well as acquisitions and divestments.
Mr. Miller has been engaged to establish and manage Hillcrest’s Canadian oil and gas operations, including the West Hazel field re-activation and additional potential producing Canadian oil and gas properties that may be acquired under the recently announced Strategic Alliance with a private company currently sourcing up to US$50,000,000 funding exclusively for oil and gas acquisitions in Canada with Hillcrest.
Under the terms of the Strategic Alliance, Hillcrest will identify, screen and offer potential acquisitions to the private company. If accepted, Hillcrest will facilitate acquisitions, be assigned a 25% carried interest and will operate oil and gas properties acquired, as well as receive management fees and performance bonuses.
As part of his engagement arrangements with the Company, Mr. Miller has been granted 350,000 incentive stock options exercisable at $0.065 per share until June 13, 2022.
In addition, Hillcrest’s wholly owned Saskatchewan subsidiary has been approved as an operator of oil and gas assets in Saskatchewan. Being approved as an operator enables the Company to conduct oil and gas operations in Saskatchewan starting with the West Hazel field reactivation to restore previous production of over 200 bbl/day of oil under the terms of a previously announced Joint Venture Agreement (“JVA”). Pursuant to the JVA Hillcrest earns a 75% working interest in exchange for incurring 100% of the reactivation costs.
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
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.
FORWARD LOOKING STATEMENT HERE
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press 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. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. 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.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.