Hartburg LOI Not Extended
HARTBURG LOI NOT EXTENDED
HOUSTON, TEXAS –Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) (TSX-V: HRH US Symbol: HLRTF) is announcing the non-binding letter of intent for the sale of the Company’s working interest in its four oil and gas wells in Newton County, Texas will not be extended due to the buyer’s inability to close within a reasonable timeframe due to funding issues. Terms of the LOI included a purchase price of USD$885,000, with an effective date of July 1, 2015 and an original closing date of July 31, 2015, subsequently extended to August 14th, 2015.
Hillcrest has advised its marketing firm, PLS Inc. of Houston Texas, to continue discussions with other parties who have already shown interest or may have interest in purchasing the assets.While that process occurs, Hillcrest will continue to produce oil and gas, receive revenues from the production in Hartburg, and use the proceeds to continue to pay down the secured debt previously obtained to drill the wells.
The Company will advise shareholders of additional material developments as they occur.
For more information on Hillcrest Petroleum Ltd, contact Donald Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com
On behalf of the Board of Directors
Chairman, Chief Executive Officer and Director