Momentum Reports

MOMENTUM REPORTS — HILLCREST PETROLEUM

Highlights:

  • On July 26, 2017 Hillcrest announced that the Alberta Energy Regulator had approved it to operate oil and gas assets in Alberta.
  • The Alberta asset consists of two wells and three additional development locations which have already been located with 3D seismic mapping.
  • The Saskatchewan asset consists of 4 wells and five additional development sites that have been located with subsurface mapping. Hillcrest is considering 3D seismic mapping before drilling.
  • The two projects will cost a combined C$2.2 million, most of which is refundable bonds. In return they should provide - depending on the amount of oil pumped - gross revenues over C$400,000 per month.
  • In exchange, Hillcrest receives a 75% working interest in each property until the amount invested is repaid. Then, Hillcrest receives a 50% working interest. Hillcrest remains the asset operator throughout.

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