Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Hillcrest Petroleum (TSXV:HRH) has given an update on the company’s West Hazel project.
  • Since bringing all four wells back online, Hillcrest has reported six full months of production.
  • The project’s wells and reservoirs have demonstrated consistently strong fluid flow capacity, with oil rates averaging 115 barrels per day for the last six months.
  • The company has reduced total fluid production in one well, in order to minimise sand influx and other operational issues.
  • Hillcrest’s share price remains unchanged, with shares trading at $0.04 apiece.

Oil and gas company Hillcrest Petroleum (HRH) has announced positive results from the company’s operations at West Hazel.

Since Hillcrest brought all four wells on the Hazel West property back online, the company has seen six full months of production.

For the last half-year, the oilfield’s wells and reservoirs have demonstrated a strong and consistent fluid flow capacity.

Hillcrest first reached the milestone of 150 barrels of oil produced per day in September 2019.

Recent daily production has reached as high as 200 barrels of oil a day. However, the average oil rate for the last 6 months has been closer to 115 barrels of oil per day.

This is in spite of a reduction in total fluid production at one of the wells. The company made the reduction in order to minimise sand influx and other operational issues.

Hillcrest CEO, Don Currie, expressed the company’s satisfaction with the West Hazel project. “We are pleased with how the field has performed well, and have gained valuable insight into how best to optimise production from the wells.”

“The production revenue has created a floor for Hillcrest to work from, and we continue to work to improve the company balance sheet and shareholder value.”

Hillcrest’s share price remains unchanged, with shares trading at $0.04 apiece.

More From The Market Herald

" Tamarack Valley (TSX:TVE) closes $144M financing

Tamarack Valley Energy Ltd. (TVE) has closed its previously announced bought-deal financing for gross proceeds of approximately $144 million.

" Alpine Summit (TSXV:ALPS.U) announces amendment to normal course issuer bid

Alpine Summit Energy Partners (ALPS.U) has received TSXV approval to amend the company’s normal course issuer bid (NCIB).

" i3 Energy PLC (TSX:ITE) provides production update

i3 Energy (ITE) has provided a September 2022 production update.