Hillcrest’s Nadsoil Brown #1 Well Commences Oil Productionadmin
VANCOUVER, B.C. / ACCESSWIRE / April 9, 2014 / Hillcrest Resources Ltd. (the “Company” or Hillcrest”) (TSX.V : HRH) is pleased to announce that surface facility installation is now complete and the Nadsoil Brown #1 well, located in Newton County, Texas, has commenced oil production for sales. As previously reported the well was drilled to a total depth of 7,504 feet and completed as a potential oil producer, and was then shut in pending the installation of the required surface facilities. Hillcrest has a 100% working interest in this well which represents the Company’s largest working interest in any well to date. Hillcrest will now have oil and/or gas production from all 4 wells it has drilled within the Newton County acreage.
Drilling operations on the Brown #1 well commenced on 22nd February, 2014 and reached the planned total depth of 7,504 feet on 5th March, 2014. Interpretation of wireline logs, and sidewall cores recovered from the well-bore, indicated the presence of a significant oil column. The results of an initial production test were very positive. A 2.5 foot interval located near the base of the interpreted oil column was perforated and flow tested. After unloading the drilling fluids, the well commenced flowing oil to surface at a rate of approximately 44 barrels of oil per day (bopd) with an API gravity of 42 degrees, 100,000 cubic feet of gas per day (mcfgpd) on a 8/64″ choke along with approximately 40 barrels of water per day. Various choke sizes will be tested over the coming days to determine the optimum initial production rate for this well.
“The Brown #1 is a significant asset for Hillcrest” states Don Currie, the Company’s CEO and Chairman. “The initial production test from the well was very encouraging, particularly as the perforated interval is located near the base of the interpreted oil column. More of the pay zone will be perforated over time with the objective of potentially increasing the daily flow rate to production of 80 to 100 barrels per day. If flow rates such as these are achieved, then this 100% working interest oil well will be the Company’s largest single oil producer and by extension our largest revenue producer.”
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
FORWARD LOOKING STATEMENT HERE
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.
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.
NOT FOR U.S. DISTRIBUTION
Posted: April 9th, 2014 under ACCESSWIRE.