VANCOUVER, B.C. February 3rd, 2014 - Hillcrest Resources Ltd. (the "Company" or Hillcrest") (TSX.V : HRH) is pleased to announce the drilling rig contracted with Progress Drilling arrived on site, rigged up and has commenced drilling the previously announced Donner #4 well. As previously announced, Hillcrest Resources Ltd had submitted applications and received approval for two development well locations located within their Newton County leases in Texas. The Company selected these locations based upon review of seismic and well data as well as the production performance of the Company's two producing wells in the area. Hillcrest has a 60% working interest in the next 2 Donner wells.
Don Currie, CEO and Chairman, states "We are pleased about the drilling on our Donner #4 well starting which will followed with the spud and drilling of the previously permitted Donner #3 well. The drilling and potential completion of the next 2 wells is expected to take approximately 4-6 weeks. We are excited about the potential impact any additional oil and gas production from the Donner #4 and #3 wells could have on Hillcrest Resources Ltd.
The Company has identified at least 5 potential drilling locations in our Newton County leases with potential production capabilities. Our debt facility as well as the receipt of funds from the sale of 50% of our Montana assets has provided Hillcrest with the funds to methodically exploit our acreage as previously described."
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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
Chairman, Chief Executive Officer and Director
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.
is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 (un-audited). Iand therefore, in the opinion of management, the availability of this non dilutive funding and the plans to drill new wells in Newton County, represents a low risk development plan with a proposed reasonable rate of return. Hillcrest has a 60% working interest in wells drilled on the Newton County leases. Donner #3 is expected be a directional well drilled from the existing Donner #2 well pad. Using the Donner #2 well pad will save the Company approximately $100,000. At present, Donner #1 produces approximately 43 barrels of oil per day and Donner #2 produces natural gas at an average of 400,000 cubic feet per day. The oil produced at Donner is sold under Louisiana Light pricing ($107.00 average per barrel in April 2013) which is at a significant premium to WTI ($94.00 average per barrel in April 2013) .Don Currie, CEO and Chairman states "this financing option represents a potentially significant step forward for Hillcrest. Should the wells produce as estimated, our monthly production could increase significantly. The increase in revenue would come with no increase in internal monthly operating costs, further establishing Hillcrest as a profitable company through operations. We expect the financing to close and be available to the Company on or before the end of June and the drilling to start on or before the end of August pending permitting and rig availability. Hillcrest Resources Ltd owns a 60% working interest in Donner #3 before payout and a 36% working interest after payout."
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") (TSX-V: HRH) is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 (un-audited). Iand therefore, in the opinion of management, the availability of this non dilutive funding and the plans to drill new wells in Newton County, represents a low risk development plan with a proposed reasonable rate of return. Hillcrest has a 60% working interest in wells drilled on the Newton County leases. Donner #3 is expected be a directional well drilled from the existing Donner #2 well pad. Using the Donner #2 well pad will save the Company approximately $100,000. At present, Donner #1 produces approximately 43 barrels of oil per day and Donner #2 produces natural gas at an average of 400,000 cubic feet per day. The oil produced at Donner is sold under Louisiana Light pricing ($107.00 average per barrel in April 2013) which is at a significant premium to WTI ($94.00 average per barrel in April 2013) .Don Currie, CEO and Chairman states "this financing option represents a potentially significant step forward for Hillcrest. Should the wells produce as estimated, our monthly production could increase significantly. The increase in revenue would come with no increase in internal monthly operating costs, further establishing Hillcrest as a profitable company through operations. We expect the financing to close and be available to the Company on or before the end of June and the drilling to start on or before the end of August pending permitting and rig availability. Hillcrest Resources Ltd owns a 60% working interest in Donner #3 before payout and a 36% working interest after payout."
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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
Chairman, Chief Executive Officer and Director
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.
is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 (un-audited). Iand therefore, in the opinion of management, the availability of this non dilutive funding and the plans to drill new wells in Newton County, represents a low risk development plan with a proposed reasonable rate of return. Hillcrest has a 60% working interest in wells drilled on the Newton County leases. Donner #3 is expected be a directional well drilled from the existing Donner #2 well pad. Using the Donner #2 well pad will save the Company approximately $100,000. At present, Donner #1 produces approximately 43 barrels of oil per day and Donner #2 produces natural gas at an average of 400,000 cubic feet per day. The oil produced at Donner is sold under Louisiana Light pricing ($107.00 average per barrel in April 2013) which is at a significant premium to WTI ($94.00 average per barrel in April 2013) .Don Currie, CEO and Chairman states "this financing option represents a potentially significant step forward for Hillcrest. Should the wells produce as estimated, our monthly production could increase significantly. The increase in revenue would come with no increase in internal monthly operating costs, further establishing Hillcrest as a profitable company through operations. We expect the financing to close and be available to the Company on or before the end of June and the drilling to start on or before the end of August pending permitting and rig availability. Hillcrest Resources Ltd owns a 60% working interest in Donner #3 before payout and a 36% working interest after payout."
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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
Chairman, Chief Executive Officer and Director
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.
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