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VANCOUVER, B.C. January 16, 2014 – Hillcrest Resources Ltd.(the “Company” or Hillcrest”) (TSX.V : HRH) is pleased to announce the Company has received confirmation the drilling rig contracted with Progress Drilling will be on site and ready to Spud the Donner #4 well during the week of January 19th. As previously announced Hillcrest Resources Ltd had submitted applications and received approval for two development well locations located within their Newton County leases in Texas. The Company selected these locations based upon review of seismic and well data as well as the production performance of the Company’s two producing wells in the area. Hillcrest has a 60% working interest in the next 2 Donner wells.
Don Currie, CEO and Chairman, states “Hillcrest Resources is about to start a multi well program all designed to increase production, revenues and proven reserves within this calendar year. The Company has identified at least 5 potential drilling locations in our Newton County leases with potential production capabilities. Donner #4 will spud next week and be followed closely with the previously permitted Donner #3 well location. Our debt facility as well as the receipt of funds from the sale of 50% of our Montana assets has provided Hillcrest with the funds to methodically exploit our acreage as previously described.
We are excited about the potential production increase and the impact on our overall revenue upon the successful execution of this drilling campaign.”
The Company will advise when the rig is onsite and drilling has commenced.
For more information on Hillcrest Resources Ltd, contact Donald Currie toll free at 1-866-609-0006 or visit the Company’s website at www.hillcrestresources.com
On Behalf of the Board of Directors
Chairman, Chief Executive Officer and Director
FORWARD LOOKING STATEMENT HERE
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.