November 26, 2012TSX-V: HRH
VANCOUVER, B.C. November 26, 2012 - Hillcrest Resources Ltd. (the "Company" or Hillcrest") (TSX.V : HRH) is pleased to announce the natural gas production of the Donner #2 well located in Newton County Texas has increased by over 36% from August to end of October.
Donner #2 produced natural gas at an average of 530,000 cubic feet per day (0.53 mmcfpd) from the Nonian Struma reservoir in October. Production averaged 389,000 cubic feet per day (0.39 mmcfpd) in the month of August. In addition to the increase in production, natural gas spot price has risen from $2.00 MCF to $3.80 MCF as of this release. The increase of 90% in the sale of the gas has been a positive addition to the Company's monthly revenues.
Don Currie, CEO and Chairman, states "The increase in production and sales price of natural gas is a positive move forward. The Company still believes there is further upside in daily production and is reviewing options to increase the production to an average daily rate of 750,000 cubic feet (0.75 mmcfpd). Donner #2 continues to be a key contributor to our monthly revenues. As previously announced, we may consider options for converting the well to a dual zone producer, enabling concurrent production of both natural gas and oil out of the Donner #2 well bore at a later date."
For more information on Hillcrest Resources Ltd, please contact Donald Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman, Chief Executive Officer and Director
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. 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.
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