VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company”) is pleased to report the upgraded West Hazel production facility is in operation, and production started from 2 wells on January 13th and January 15th, respectively. Initial fluid production rates from both wells are as expected. Production from the remaining 2 wells will brought on line after workovers on these wells are completed.
The Company’s previously announced plans to restore production from the West Hazel Field has been completed on budget. Oil production from the 4 wells is expected to stabilize between 150-250 bbls/day, with potential to increase to 500 bbl/day through further, previously unidentified field development activities including well recompletions and development drilling. Production facilities, which include an integrated water injection system, have been upgraded to increase the fluid handling capacity in anticipation of higher production volumes. Increased capacity through production facility upgrades are expected to substantially reduce operating costs per barrel of oil as production increases with field development.
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 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
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.