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% working interest in each property until the amount invested is repaid. Then, Hillcrest receives a 50% 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.