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Hillcrest Petroleum increases placing to bring in C$525,000

The oil firm will now issue 7.5mln units at seven cents a pop

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Daily production in Saskatchewan has risen, the company said on Thursday

Hillcrest Petroleum Ltd (CVE:HRH) has increased the private placing it announced yesterday to raise gross proceeds of $525,000.

The oil firm will now issue 7.5mln units at seven cents a pop, as opposed to 750,000 units.

Each unit will consist of a share and one-half a share purchase warrant.

Each whole warrant will be exercisable into a share at 10 cents for two years from closing.

Shares in Hillcrest advanced on Thursday as it revealed daily production in Saskatchewan has risen and that a workover on another well was due to start on January 18.

Output from the 16-13 well has increased from 22 barrels of oil per day (bopd) to an average 35 bopd over the last seven days - in line with expectations.

The firm has now begun workover operations on the 07-13 well and it will report again when it is completed and it is in production, the firm said.

Quick facts: Hillcrest Petroleum Ltd

Price: 0.015 CAD

TSX-V:HRH
Market: TSX-V
Market Cap: $1.86 m
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