Welcome To Hillcrest Petroleum
Hillcrest Petroleum Ltd., is a publicly traded independent oil and gas production company headquartered in Vancouver, British Columbia, Canada.
Hillcrest Petroleum Ltd. plans to deliver value growth for its shareholders by acquiring and operating North American conventional oil and gas assets, focusing primarily on Canada’s Western Sedimentary Basin. Targeted acquisitions must demonstrate substantial development upside with the potential to deliver multiples of the acquisition price within 2 to 4 years. The current state of the Canadian oil and gas industry, after a period of sustained low oil prices, presents numerous undervalued properties for potential acquisition and development in a low cost service environment.The Company has selected and reviewed numerous currently producing Alberta based assets and has narrowed the review to focus on a small number that meet the criteria mentioned above.
Hillcrest is currently producing oil for sales as part of a previously announced Joint Venture Agreement with a private Canadian oil and gas company.Production was restored on the West Hazel Saskatchewan assets in early 2019. Production has stabilized and planning is complete for further expansion of the West Hazel acreage in 2020.
Hillcrest, as a way to secure potential funding, signed binding agreements creating a Strategic Alliance with a private company to pursue oil and gas acquisitions in Western Canada. Under the Strategic Alliance, Hillcrest will grant the Partner an exclusive right of first refusal on pre-screened acquisition opportunities to be operated and managed by Hillcrest. Hillcrest will be assigned a 25% carried interest in any acquired assets in exchange for access to its acquisition opportunity register and oil and gas business management services. The Partner will fund 100% of acquisition and development costs.
Hillcrest Petroleum Ltd. shares are publicly traded on the TSX.V under the symbol HRH and in the USA under the symbol HLRTF.