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Hillcrest Petroleum looking to hook up West Hazel operations to grid: shares surge

The operations will transition from expensive, greenhouse gas-emitting, diesel and propane fuels, to clean grid electricity

Hillcrest Petroleum Ltd -
Production performance over the past six months has indicated consistently strong fluid flow capacity from wells and reservoirs

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) is looking to hook up its West Hazel oil assets in Saskatchewan to the electricity grid to improve operations and reduce costs, it said. 

In a statement, the company said it had 'initiated actions' with Sask Power over the process, which involves connecting to nearby main electricity transmission lines and installing the necessary equipment.

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

The move will "transition West Hazel production operations from expensive, greenhouse gas emitting, diesel and propane fuels to clean grid electricity", the junior oiler told investors.

It is also expected to deliver additional production from increased operational reliability (e.g. reduced downtime) and reduce direct operating expenses by around $8,000 per month, representing around a 10% operating cost saving.

"Since re-starting production from the West Hazel field early last year, we have gained valuable insight into opportunities to add value by optimizing our operations and implementing environmental best practices," Don Currie, CEO of Hillcrest, told investors.

Electrifying the field

"Electrifying the field is the first of a number of value adding field development activities planned to deliver maximum value from our West Hazel assets."

On Friday, the group described how pleased it was with how well its West Hazel operations had 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.

Shares in Toronto surged over 28% to C$0.045 each.

---Updates for share price---

Contact the author at [email protected]

Quick facts: Hillcrest Petroleum Ltd

Price: 0.045 CAD

Market: TSX-V
Market Cap: $5.57 m

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