VANCOUVER, B.C. June 11, 2013 - Hillcrest Resources Ltd. (the
"Company" or Hillcrest") (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 (un-audited). 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."
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.
NOT FOR U.S. DISTRIBUTION
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."
Loading...
") (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."
Loading...
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."
Loading...
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.
Hillcrest Petroleum (TSXV:HRH)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
Hillcrest Petroleum (TSXV:HRH)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
