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.
FORWARD LOOKING STATEMENT HERE
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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.
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