viewHillcrest Petroleum Ltd

Hillcrest Petroleum averaging around 115 barrels of oil per day at West Hazel wells

CEO Don Currie said the company was pleased with how the field has 'performed well' and provided insights into how to optimize production

blue oil barrels
The firm hit the 150 barrels a day benchmark in September

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) told investors that it was pleased with how well its West Hazel operations have performed during the last six months of production.

Daily oil output from four wells at West Hazel averaged around 115 barrels per day, with some days seeing over 200 barrels per day, after all of the wells were brought back online last year.

The rates come despite the decision to reduce total fluid production to minimize sand influx in the wells, Hillcrest said. Production performance over the past 6 months indicates consistently strong fluid flow capacity from the wells and reservoirs.

READ: Hillcrest Petroleum appoints Aaron Triplett as CFO

"We are pleased with how the field has performed well and have gained valuable insight into how best to optimize production from the wells,” Hillcrest CEO Don Currie said in a statement.

“Heavy oil operations require more attention and care than light oil, particularly with regard to sand produced with the oil, and our field staff have done an excellent job keeping all running even in severe cold temperatures."

According to Currie, production revenue has created a floor for Hillcrest to work from as it continues to its balance sheet and shareholder value.

Hillcrest’s assets are focused primarily in the Western Canadian Sedimentary Basin in Saskatchewan.

In early July 2019 total fluid production, including oil and water, was over 4,500 barrels per day, with oil cut estimated at 1.5% to 2% of total fluid.

The firm hit the 150 barrels a day benchmark in September 2019 with oil cut increasing to between 2.5 and 3%.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Hillcrest Petroleum Ltd

Price: 0.07 CAD

Market: TSX-V
Market Cap: $11.33 m

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