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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