VANCOUVER, B.C. – Further to the Company’s October 2, 2018 announcement regarding the re-start of production from the West Hazel Field in Saskatchewan, we are pleased to provide the following update.
The Company’s previously announced plans to restore production from the West Hazel Field has been completed on budget with oil production expected to commence on January 15, 2019. Oil production is expected to stabilize between 150-250 bbls/day with currently existing wells and facilities, with potential to increase to 500 bbl/day through further, previously unidentified field development activities including well recompletions and development drilling.
Integrated oil production facilities, including production tanks, flow lines, wellbores and water injection system have been inspected and cleaned/repaired/upgraded as required. The Company has determined that the existing water disposal well located within the field area, after modest upgrades to its downhole equipment, now has the required disposal capacity for the expected and future water production from the field. The availability of a water disposal well within the field area eliminates significant additional costs to truck produced water to a commercial disposal site.
As previously announced, under the terms of its Joint Venture Agreement on the West Hazel property, the Company will provide 100% of reactivation costs to return the field to production through a wholly owned subsidiary to earn a 75% Working Interest, reverting to 50% after recovery of 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
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.