VANCOUVER, B.C. August 22, 2013 -
Hillcrest Resources Ltd.
(the "Company" or Hillcrest") (TSX.V : HRH)
is pleased to announce the Company has signed a definitive
agreement with West Bakken Holdings Ltd. The definitive agreement
follows the previously announced LOI (July 24, 2013) between the
two companies.
The total agreement, when completed,
includes 50% ownership in the oil and gas interests and properties
and related rights and interests to the oil and gas leases (the
"Woodrow Property") in Montana comprising 12,333 gross acres in
Teton County. "Hillcrest" is slated to receive a total of Five
Hundred and Fifty Thousand ($550,000.00) U.S. Dollars for the
purchase.
The LOI was signed on June
28, 2013 and a non-refundable deposit of
Fifty Thousand ($50,000.00)
U.S. Dollars was received on July 3, 2013. The definitive agreement
was signed August 14, 2013 and as per the
terms of the agreement a payment of One Hundred and Twenty Five
Thousand ($125,000.00) U.S.
Dollars was received by the Company on August 16, 2013.
The definitive agreement outlines
provisions whereby three additional payments of One Hundred and
Twenty Five Thousand ($125,000.00) U.S. Dollars will be
received in 60-day intervals following the signing of the
definitive agreement.
Don Currie, CEO and Chairman states
"The signing of the definitive agreement and the subsequent
$125,000.00 payment is the next step in an effort to create value
from the Woodrow acreage. There are numerous development programs
either started or contemplated in the area. Hillcrest will continue
to monitor results in the area with the goal of maximizing value to
the Company."
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.
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