Vancouver, BC - Hillcrest Resources Ltd. (the "Company") announces that it has entered into an exploration agreement (the "Exploration Agreement") regarding approximately 220 acres of certain oil and gas leases located in the Newton County, Texas, USA (the "Property"). Pursuant to the terms of the Exploration Agreement the Company will pay a total of USD$92,476.00 to the vendor, representing the acquisition costs for the Property. The Company shall pay 100% of the costs to drill and complete any agreed upon target wells. There are no mandatory drilling obligations. The drilling costs and completion costs are recoverable by the Company from the proceeds of production from the well to which costs are attributable.
After completion of any well and payout of costs to the Company, all wells drilled on the Property are subject to a 50% back-in right of the vendor. The transaction is non arm's length as a director and officer of the Company is party to the back-in right.
The terms of this acquisition will require the approval of the TSX Venture Exchange.
For more information on Hillcrest Resources Ltd, contact Donald Currie toll free at 1-866-609-0006 or visit the Company's website at www.hillcrestresources.com
On Behalf of the Board of Directors
"Donald Currie"
Donald Currie
Chairman, Chief Executive Officer and Director
FORWARD LOOKING STATEMENT
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.
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