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Hillcrest Petroleum is expecting the Western Canada assets acquisition to become effective this quarter

The company has disposed of the majority of its offshore oil interests and is actively evaluating new acquisitions in Western Canada

onshore drilling rig
Some C$900,000 in project costs is required to re-establish production from the fields

Second quarter results from Hillcrest Petroleum Ltd (CVE:HRH) revealed a company in the midst of transformation.

The company has disposed of the majority of its offshore oil interests and is actively evaluating new acquisitions to supplement the two assets in Western Canada it agreed to acquire back in May.

READ Hillcrest Petroleum goes for it in Western Canada

READ Hillcrest Petroleum moves further towards restoring oil production in Western Canada

Subject to completion of due diligence and necessary regulatory approvals, Hillcrest expects the agreement to acquire the assets to take effect during the third quarter of 2017.

Revenue, net of royalties, in the second quarter of 2017, was a nominal C$7,850, versus C$176,982 in the corresponding period of 2016, reflecting the disposal of the interest in the Donner 1 well; the company no longer has any producing wells in the Hartburg field in Newton County, Texas, as it is now focused on acquiring larger assets with growth potential.

Net income in the quarter was C$392,018, versus a loss of C$1.56mln the year before.

Subsequent to the end of the reporting period (in July), the company successfully raised C$391,640 by placing 5.59mln shares.

 

Quick facts: Hillcrest Petroleum Ltd

Price: 0.03 CAD

TSX-V:HRH
Market: TSX-V
Market Cap: $3.71 m
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