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Hillcrest Petroleum Ltd

Hillcrest Petroleum to restart West Hazel oil production in Saskatchewan on January 15

There is the potential to increase output to 500 barrels per day through previously unidentified field development activities, according to the company

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The company says the effort at the Saskatchewan field has been completed on budget

Hillcrest Petroleum Ltd (CVE:HRH) said plans to restore production at the West Hazel field in Saskatchewan has been completed on budget and that oil production is expected to begin on January 15.

The Vancouver-based company said oil production is expected to stabilize between 150 and 250 barrels per day with currently existing wells and facilities. It cited potential to increase output to 500 barrels per day through previously unidentified field development activities, including well recompletions and development drilling.

Integrated oil production facilities including production tanks, flow lines, wellbores and water injection system have been inspected and cleaned, repaired or upgraded as required.

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The company has determined that existing water disposal wells located within the field area, after modest upgrades to its downhole equipment, now has the required disposal capacity for the expected and future water production from the field.

The availability of a water disposal well within the field area eliminates significant additional costs to truck produced water to a commercial disposal site.

The company said it will provide 100% of reactivation costs to return the field to production through a wholly owned subsidiary to earn a 75% working interest, reverting to 50% after recovery of the reactivation costs.

Hillcrest Petroleum engages in the acquisition, exploration, development and production of oil and gas reserves in Canada.

 

Contact Rene Pastor by [email protected]

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Market: TSX-V
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