Hillcrest Starts Development of Donner #4 Well Siteadmin
VANCOUVER, B.C. November 7, 2013 – Hillcrest Resources Ltd. (the "Company" or Hillcrest") (TSX.V : HRH) is pleased to announce the Company commenced development of the Donner #4 well site. The #4 site was selected as the 1st site to be drilled and potentially completed from the previously announced 3 permitted locations. The location sits approximately 500 feet southwest of the Company’s Donner #1 well. Donner #1 has produced oil at an average of 43 barrels per day on a severely restricted choke since August of 2010. A review of local well data, mapping and current seismic reports, all contributed to the selection of the location.
The Company will advise when the drill rig is on site. Hillcrest Resources has a 60% working interest in the Donner 1A well BPO and a 30% APO WI.
Don Currie, CEO and Chairman states "We are excited to have the exploration and development plan underway. After careful review of all available data including seismic, the company chose the Donner #4 location with the belief that once drilled and potentially completed, the well could be a more significant producer than our current Donner 1 well. Drilling and completion costs in the area have come down by over 20% in the past 6 months making it more attractive to begin and continue a drilling program. In addition to the reduced drilling costs, we sell our oil at Louisiana Light pricing, which has averaged over $107 a barrel, a significant increase over WTI.
"We are excited about what the potential production would mean to our overall revenue upon potential completion and production of the new wells"
The Company is also pleased to announce that is has engaged Network IR to develop and execute a comprehensive marketing and investor communication program to help raise awareness of the Company. Network IR will coordinate and include investor relation services with Transcend Resource Group and Dwane Brosseau for an initial term of 3 months, renewable on a monthly basis thereafter on mutual agreement. For coordination of the program, Network IR will be paid a monthly fee of $7,500.
For more information on Hillcrest Resources Ltd, contact Donald Currie toll free at 1-866-609-0006 or visit the Company’s website at www.hillcrestresources.com
On Behalf of the Board of Directors
Chairman, Chief Executive Officer and Director
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press 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.
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Posted: November 7th, 2013 under ACCESSWIRE.