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Hillcrest sells Eugene Island oil field stake

Tuesday, November 29, 2016 13:09
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(Before It's News)

Hillcrest Petroleum Ltd (CVE:HRH) said with its third quarter earnings report that the company completed the sale of all of its working interest in the Eugene Island 32 oil field.

The sale of this property also includes the transfer to the purchaser of Hillcrest’s share of the forward liability for field decommissioning costs, which Hillcrest estimated at approximately $6.7mln net to the company on an undiscounted basis.

In addition to removing this significant forward liability, the divestment of this asset is a substantial step forward in the strategic objective to reposition the company as an onshore operator focused on conventional oil and gas development.

The company has also, subject to TSX Venture Exchange approval, completed the first tranche of its non-brokered private placement through the issuance of 7.3 million units at five cents for gross proceeds of $365,000.

The company is pursuing and implementing further reductions in corporate and operational costs, and these will be published in the fourth quarter year-end statements.

For earnings read more here.

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