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Hillcrest Petroleum CEO Don Currie sees "limitless potential" in clean energy technologies

Published: 13:04 25 Jan 2021 EST

Hillcrest Petroleum Ltd -
The company is “actively working” to complement its current oil and gas assets with clean energy opportunities

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) told shareholders on Monday that it is “actively working” to complement its current oil and gas assets with clean energy opportunities.

The Vancouver-based energy company is aiming to transition to a clean technology company through funding from its oil production revenues, targeting opportunities to develop proprietary intellectual property and pursue specific prospects.

In a statement, CEO Don Currie called 2020 a “pivotal year” for Hillcrest -- one which saw the company form a joint venture with Extreme Vehicle Battery Technologies Corp (CSE:ACDC) to target the electrical vehicle (EV) and battery-management markets and ink technology transfer term sheet with ANIGO Technologies.

READ: Hillcrest inks technology transfer term sheet with ANIGO Technologies

“The energy sector is rapidly changing, and we take great pride in positioning the company as a leader addressing the global climate crisis,” Currie told investors.

Hillcrest’s flagship asset is the West Hazel oil field in Saskatchewan, with four active wells currently producing around 110 barrels of oil per day. The company told shareholders that the operation has provided sufficient cash flow to meet its expenses. A new well is in the works for 1Q 2021, with estimated production forecast from the well expected to deliver approximately $70,000 per month in additional net cash flow at current oil prices.

CEO Currie told investors that Hillcrest’s clean energy initiatives have “limitless potential”.

“While revenues from oil production have sustained the company to date, our potential clean energy future appears to have almost limitless potential. Hillcrest’s board and management are committed to creating exceptional value for shareholders as an energy company for the future.”

Shares of Hillcrest were trading at C$0.09 on the TSX Venture Exchange and US$0.07 over the counter.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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