VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) – Further to our news release of July 5, 2019 and September 10th 2019, the Company is pleased to provide an update on its operations at West Hazel.
We are pleased to report 6 full months of production after all 4 wells were brought back on production at the West Hazel property.
In early July 2019 total fluid production (oil and water) was over 4,500 barrels per day, with oil cut estimated at 1.5% to 2% of total fluid. In September the Company announced production averaging over 150 barrels of oil per day, with oil cut increasing to between 2.5 and 3%.
Production performance over the past 6 months indicates consistently strong fluid flow capacity from the wells and reservoirs. Daily production from the field periodically exceeded 200 barrels per day, indicating the latent production potential from the field, as we continue to optimize production operations. Oil rates over the last 6 months averaged 115 barrels per day, despite reducing total fluid production to minimise sand influx in the wells and operational issues in one of the wells.
“We are pleased with how the field has performed well and have gained valuable insight into how best to optimize production from the wells. Heavy oil operations require more attention and care than light oil, particularly with regard to sand produced with the oil, and our field staff have done an excellent job keeping all running even in severe cold temperatures” states Don Currie, CEO of Hillcrest Petroleum. “The production revenue has created a floor for Hillcrest to work from and we continue to work to improve the Company balance sheet and shareholder value. The company will continue to issue updates as developments occur”
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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