Hillcrest Petroleum Expects Alberta Assets To Start Production by November 2017
Momentum Public Relations
Press Release: September 12, 2017
September 12, 2017 / TheNewswire / MONTREAL, QUEBEC, Momentum PR client, Hillcrest Petroleum Ltd., is listed on the TSX Venture exchange (“TSXV”) under the symbol: HRH and in the United States on the OTCQB under the symbol: HLRTF.
Momentum PR is pleased to have produced an informative and comprehensive report on Hillcrest Petroleum Ltd., available on the Momentum PR’s website.
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{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} working interest in each property until the amount invested is repaid. Then, Hillcrest receives a 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} working interest. Hillcrest remains the asset operator throughout.
In the last five years the price of oil has tumbled and has been subject to extreme volatility. In January 2012, a barrel of oil touched US$125.00. By July 31, 2017, it had dropped to US$52.16. As of July 31, 2017, oil’s 52-week low came to US$42.03 with a high of US$58.26. As the price of oil fell, some producing wells ceased production and waited for high oil prices to return. Among these shut-in wells are those whose owners no longer have the financial capacity to turn them back on. These are the ones that have Hillcrest’s immediate attention.
Hillcrest’s short-term strategy has been shaped by falling global oil prices. It can be summed up as the acquisition of substantial, operated, producing assets with high value growth potential in proven and prolific conventional oil and gas basins. The Alberta and Saskatchewan wells are a blueprint for Hillcrest’s immediate future. “We can replicate that model in both provinces and have started discussions with various people in both provinces, to get involved on a joint venture basis by using bond value and minimal cash to open up wells.” Don Currie, CEO
Hillcrest, which is officially headquartered in Houston, has experienced and successful management members. Executive Chairman and Director Michael Krzus was the founding CEO of NYSE-listed Emerald Oil, which started with a US$100 million market cap and grew to over US$500 million during his tenure. Krzus has extensive international experience having worked for Woodside Petroleum, Australia’s largest oil and gas company. His term at Woodside included a four-year secondment to Shell in the Netherlands, where he led oil and gas field development teams. Krzus has 32 years of experience in the oil and gas industry in Canada, the U.S., Australia and the Netherlands.
Chief Operating Officer Jason P. Oden was the Vice President Exploration of Gulfsands Petroleum ; and formerly the Principal Geologist with BHP Petroleum, as well as working for Suncor. Oden has more than 25 years of progressive technical and managerial experience in domestic and international oil and gas exploration appraisal and development projects.
Don Currie is the Chief Executive Officer and Company founder. He has 30 years of experience building and financing private and public companies. Since 1993 his primary focus has been the oil industry. Over the course of his career he has directly and indirectly raised over $125 million. Currie was a director and Vice President of Enhanced Oil Resources from 1993 to 2014. Enhanced found the second largest CO2 field in the United States.
Hillcrest trades on the TSXV as HRH and on the American OTCQB as HLRTF. As of September 5, 2017 it closed at $0.07 and has a 52-week high of $0.10 and a low of $0.035. The company has 74.59M shares outstanding and a market capitalization of $5.22 million.
The Momentum PR informative and comprehensive report on Hillcrest is available on the Momentum PR website.
If you would like more information on Hillcrest Petroleum Ltd.; listed on the TSX Venture exchange under the symbol HRH or would like to arrange an interview with management please contact:
Momentum PR
Juliette Benard, Director Media Relations
+1.450.332.6939
About Momentum PR
Momentum PR is a cutting-edge public and investor relations consulting agency representing companies within the Canadian investment community.
Since 2009, Momentum PR has been servicing small and mid cap Canadian listed public companies, seeking to increase their exposure across North America. The focus at Momentum PR is on building and driving brand awareness. Momentum PR cultivates new audiences in the media and investment communities by proactively engaging interested parties on behalf of client companies through online and offline channels.
Disclaimer:
All editorial content contained herein is solely the responsibility of Momentum PR and does not reflect, in any way, the opinions of TheNewswire.ca Inc., its partner newswires and / or associated news services.”
- Published in Energy, Hillcrest Petroleum, Mining, News Home, Oil and Gas
Hillcrest (HRH:tsxv) Signs Merchant Banking Agreement
Hillcrest Signs Merchant Banking Agreement
Momentum Public Relations
Press Release: August 22, 2017
Hillcrest Petroleum Ltd. (the ” Company ” or ” Hillcrest “) is pleased to announce that the Company has signed a Merchant Banking agreement with WC Capital Inc, an Ontario based organization. WC Capital Inc is an affiliate of Wade & Company, a private family office investment firm and merchant bank, managed by a successful team of investors and entrepreneurs with a breadth of experience across different sectors. WC Capital Inc and Wade & Company specialize in various lending products, direct investment and advisory services.
WC Capital Inc, through their network, will provide assistance in identifying potential business dealings and partners, early stage legal review of all potential business dealings, potential direct or indirect investment in any deals under review or acquired and will assist in expanding the profile of Hillcrest within the circle of their investment community. The agreement between Hillcrest and WC Capital Inc is for a term of 1 year with potential renewals available. The agreement is subject to acceptance of the TSX Venture Exchange.
“This agreement represents a giant step forward for Hillcrest as we search for and review transformational deals for the Company .” Don Currie, Hillcrest Petroleum CEO, states: “WC Capital together with Wade & Company provide Hillcrest with financial advisory services, early stage legal review and assistance as well as potential investment strength, which are all critical needs for junior listed companies in early stage negotiations. With a number of acquisition targets under review, the support and services provided by WC Capital Inc is expected to give Hillcrest an increased ability to quickly assess and potentially acquire assets. The Company will update its shareholders as we progress towards any potential purchases or joint ventures.”
For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
- Published in Hillcrest Petroleum, Mining, News Home, Oil and Gas
Hillcrest Obtains Alberta Energy Regulator Operator License Approval
Hillcrest Obtains Alberta Energy Regulator Operator License Approval
Momentum Public Relations
Press Release: July 26, 2017
VANCOUVER, B.C. / TheNewswire / July 26, 2017 – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) is pleased to announce that the Company has been approved by Alberta Energy Regulator (AER) to Operate oil and gas assets in Alberta. This is an important step for Hillcrest to move forward with the Alberta part of its work program to re-establish production from oil and gas assets in Alberta and Saskatchewan under its recently announced Joint Venture Agreement.
As previously announced May 10, 2017, Hillcrest signed a binding Joint Venture Agreement (the “JV Agreement”) with a Canadian oil and gas company (“Juniorco”) whereby the Company, via a wholly owned subsidiary, will earn up to a 75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Working Interest and Operate two petroleum assets located in Western Canada (the “Fields” or “Assets”). The Company expects to restore combined production from the Fields to approximately 400 barrels of oil per day (“bopd) by providing capital funding and technical expertise.
The JV Agreement is consistent with the letter agreement initially signed by the parties and announced on February 21, 2017. Select Primary terms of the JV Agreement are as follows:
-The Company, appointed as operator, will earn up to 75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Juniorco’s Working Interest in the Fields by contributing technical expertise and funding to restore production from the Fields. Hillcrest’s Working Interest will revert to 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} once the Company has recovered all production restoration costs from the production revenues. Gross production from both Fields collectively is expected to be approximately 400 bopd upon restoration.
-Hillcrest has arranged third party project funding, and these funds are to be provided on a non-dilutive basis to Hillcrest shareholders. Total project funding, including the placement of Operator deposits and Licence Liability Rating (LLR) Bonds, is estimated to cost CDN$2,200,000. Project funding will be secured by both the Assets and the Company.
-Approximately CDN$900,000 in project costs is required to re-establish production from the Fields by way of equipment installation and upgrades, and well work-overs. These projects are expected to reduce operating expenses and restore production, thereby increasing the operating netbacks.
-Project costs include the placement of approximately CDN$1,300,000 in LLR Bonds. The Company expects to recover these LLR Bonds once economic production from the Fields has been re-established for a certain period of time, thereby substantially reducing the net investment in the project.
-This transaction is subject to TSX Venture Exchange approval.
“The first step required to move forward with restoring production has been reached.” Don Currie, Hillcrest Petroleum CEO, states: “Being approved as operator in the Province of Alberta was required for Hillcrest too coordinate work programs with local service companies and vendors. The Company will update the shareholders as we progress towards production of the assets.”
For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news 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.
Copyright (c) 2017 TheNewswire – All rights reserved.
- Published in Hillcrest Petroleum, News Home, Oil and Gas
Hillcrest Announces the Closing of the Second and Final Tranche of the $0.07 Unit Non-Brokered Private Placement
Hillcrest Announces the Closing of the Second and Final Tranche of the $0.07 Unit Non-Brokered Private Placement
Momentum Public Relations
Press Release: July 14, 2017
VANCOUVER, B.C. / TheNewswire / July 14, 2017 – Hillcrest Petroleum Ltd. (the “Company”) (TSX-V: HRH) (OTCQB: HLRTF) announces that it has closed the second and final tranche of its non-brokered private placement (the “Offering”) originally announced on May 10, 2017 with updated announcements on June 29, 2017 and July 7, 2017.
Aggregate proceeds of $112,000 were raised on this second tranche closing, and 1,600,000 units (the “Units) at a price of $0.07 per Unit were issued. Each Unit to this second tranche consists of one common share in the capital of the Company (a “Share”) and one-half of one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.10 per Share until July 14, 2019.
The securities issued in connection with the second tranche is subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation expiring on November 15, 2017.
There were no finder’s fees paid on the second tranche closing.
Together with the proceeds raised on this second tranche closing, and of the previous tranche closing (see press release of July 7, 2017), an aggregate of 5,594,857 Shares have been issued for aggregate total proceeds of $391,640.
The proceeds received from the Offering will be used to retire the remainder of the secured debt, licensing and registration costs in both Saskatchewan and Alberta and for general operation and expenses.
For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news 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.
Copyright (c) 2017 TheNewswire – All rights reserved.
- Published in Hillcrest Petroleum, News Home, Oil and Gas
Hillcrest Petroleum Closes First Tranche Of Private Placement
Hillcrest Petroleum Closes First Tranche Of Private Placement
Momentum Public Relations
Press Release: July 7, 2017
VANCOUVER, B.C. / TheNewswire / Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) announces that the Company has closed a first tranche of its $500,000 non-brokered private placement (the “Offering”) originally announced on May 10, 2017 with an update announcement on June 29, 2017.
Aggregate proceeds of $279,640 were raised on this first tranche closing. 3,994,857 units (the “Units”) at a price of $0.07 per Unit were issued. Each Unit consists of one common share in the capital of the Company (a “Share”) and one-half of one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.10 per Share until July 7, 2019.
There were no finder’s fees paid on this first tranche closing.
All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation expiring on November 8, 2017.
The net proceeds received from the Offering will be used to retire the remainder of the secured debt, licensing and registration costs in both Saskatchewan and Alberta and for general operation and expenses.
The balance of the Offering is expected to close on or before July 14, 2017.
For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news 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.
Copyright (c) 2017 TheNewswire – All rights reserved.
- Published in Hillcrest Petroleum, News Home, Oil and Gas
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