VANCOUVER, B.C. – TheNewswire – Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF) (the “Company” or “Hillcrest“) – Further to our recent news release of January 31, 2020, the Company is pleased to provide an update on its operational improvement initiative to increase operational reliability and reduce operating costs by connecting its West Hazel production operations to the Saskatchewan power grid. The process will significantly reduce operating costs and eliminate greenhouse gas emissions from its the current diesel/propane power system.
The Company recently initiated actions with Sask Power to connect its West Hazel oil production operations to Saskatchewan’s electricity grid. Connection to the grid involves connecting to nearby main electricity transmission lines and installing necessary electrical equipment to service operational requirements.
This will transition West Hazel production operations from expensive, greenhouse gas emitting, diesel and propane fuels to clean grid electricity, is expected to deliver additional production from increased operational reliability (e.g. reduced downtime) and reduce direct operating expenses by approximately $8,000 per month, representing approximately a 10% operating cost saving.
“Since re-starting production from the West Hazel field early last year, we have gained valuable insight into opportunities to add value by optimizing our operations and implementing environmental best practices.” states Don Currie, CEO of Hillcrest Petroleum. “Electrifying the field is the first of a number of value adding field development activities planned to deliver maximum value from our West Hazel assets.”