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Hillcrest produces 150 bpd of oil at West Hazel

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JonnyRBuck12   Saturday, 03/23/19 01:27:51 PM
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Hillcrest produces 150 bpd of oil at West Hazel

2019-03-21 11:06 MT - News Release

Mr. Donald Currie reports


Hillcrest Petroleum Ltd.'s upgraded West Hazel production facility is in operation, as previously announced, and production started from two wells on Jan. 13, 2019, and Jan. 15, 2019, respectively. Initial fluid production rates from both wells were as expected. Production from a third well was brought on-line in early March when weather conditions softened after an extreme record-breaking cold snap.

Production over the last five days from the three wells has averaged 150 barrels per day which meets the lower production estimates the company published in its previous releases, although those estimates considered production from all four wells. Hillcrest is encouraged by the early results, which are meeting or exceeding previous estimates. The company is focused on efforts to maximize the production from the current wells and is further upgrading the potential of the injector well, which in turn, if successful, could result in higher production numbers from the current three wells. A normalized sustained production rate is expected to take another three weeks to four weeks and will be released when achieved.

Hillcrest will move to work on and start production from the fourth well once current efforts have been completed, results reviewed and a rig is available.

As previously announced, under the terms of its joint venture agreement on the West Hazel property, the company will provide 100 per cent of reactivation costs to return the field to production to earn a 75-per-cent working interest, reverting to 50 per cent after recovery of reactivation costs.

We seek Safe Harbor.

© 2019 Canjex Publishing Ltd. All rights reserved.

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