VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) is pleased to announce production from the Saskatchewan based West Hazel assets re-commenced on May 19th, 2 weeks earlier than originally anticipated. The Company originally intended to re-start production in June, subject to economic oil pricing. The realized price for West Hazel oil is now at profitable levels and the Company has taken the opportunity to sell oil inventory stored on site and recommence oil production. Resulting revenues from May oil production will be received late June.
West Hazel oil production is profitable despite the current low oil prices, largely due to low cost field operating expenses resulting from the recent field electrification which reduced operating costs by approximately 25%. Electrification allowed the Company to replace environmentally unfriendly and expensive diesel generated power with clean electricity from the Saskatchewan power grid as well as reduce operating costs to levels below that of many similar local oil producers.
“Starting production earlier than expected with a trouble free start up, is a spectacular situation for Hillcrest!” stated Don Currie, Hillcrest CEO “With current market oil prices and our low operating costs, Hillcrest is able to resume profitable production. Revenue from oil sales provides stability and the potential to accelerate plans associated with our energy transition strategy, including our recently announced plans to monetize US and European Union Licensing agreements through an incorporated joint venture. We will continue to provide updates as developments occur.”
ABOUT THE COMPANY
Hillcrest is a Canadian oil and gas producer pursuing an energy transition strategy focusing on clean energy technology with potential to substantially reduce greenhouse gas emissions to limit global warming.
Hillcrest intends to license US Patented clean energy technologies in the United States and European Union.
The technologies have been shown to potentially increase efficiency of conventional electrical generators by as much as 80% in laboratory testing. This provides the potential for wind turbines to be significantly smaller for the same power generation or power generated from current wind turbine installations could potentially be substantially increased. In full scale electric vehicle applications, the technology could potentially extend range from 400 miles to around 700 miles from a single battery charge.
Wide application of this technology could potentially be expected to significantly reduce reliance on fossil fuel energy and accelerate the transition to carbon free energy. Efficiencies from adopting this new technology could potentially provide lower cost electricity for remote communities by substantially reducing diesel fuel requirements and accelerate a transition to electric vehicles by increasing their range from a battery charge.
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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