VANCOUVER, B.C. – As previously announced by Hillcrest Petroleum Ltd. (the “Company”) 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 were as expected. Production from a 3rd well was brought on line the in early March when weather conditions softened after an extreme record breaking cold snap.
Production over the last 5 days from the 3 wells has averaged 150 barrels per day which meets the lower production estimates the company published in our previous releases although those estimates considered production from all 4 wells. Hillcrest is encouraged by the early results, which are meeting or exceeding previous estimates. The Company is focused on efforts to maximize the production from the current wells and are further upgrading the potential of the injector well which in turn, if successful, could result in higher production numbers from the current 3 wells. A normalized sustained production rate is expected to take another 3-4 weeks and will be released when achieved.
Hillcrest will move to work on and start production of the 4th well once current efforts have been completed, results reviewed, and a rig is available.
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
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.