The Houston headquartered oiler last week completed the sale of interests in two offshore properties in the Gulf of Mexico.
“The company has disposed of the majority of its offshore oil interests and is actively evaluating new value accretive acquisitions,” Hillcrest said.
“The company’s intention is to operate or, at minimum, to hold a controlling working interest, in any significant growth assets acquired, to be able to direct operation activity to maximize company value.”
It highlighted that it is focussed on acquiring conventional onshore oil and gas assets in North America.
In terms of financials the company reported a US$1.5mln loss for the three months, ended September 30.
Revenue, net of royalties, amounted to US$176,982 and operating costs were reported at US$1.18mln. It ended September with US$181,355 of cash.
Hillcrest last week, alongside its divestment, announced it would raise US$750,000 through the sale of placing units comprising common shares and share warrants.
Story by ProactiveInvestors