On Thursday, the oil company said it had inked an engagement agreement with Houston-based Entero Capital LLC over potentially creating an asset-backed energy security coin using blockchain technology to use as an alternative form of financing.
Today, the oil firm noted it was not conducting an ICO at this time but "may decide to do so in the future".
"Any ICO would be compliant with relevant securities regulation and require Exchange approvals," it added.
"If the company decides to proceed with an ICO, it will determine the terms of such offering, and if such offering may be deemed to be either a security under the Securities Act (British Columbia) or a derivative."
If the ICO is determined to be a security, it will require either a prospectus or an exemption from the prospectus requirement to issue coins and/or tokens and to effect trades, it added.
A token or coin issued under an ICO would not give the acquirer equity, other interests or rights in the company equivalent to a holder of common shares, the firm added.
For example, no rights would be granted to participate in the profits or the distribution of assets, nor any voting rights in any meeting of the security holders.
Hillcrest also added: "The company only recently established oil production in Canada through its well reactivation program in Saskatchewan and is still in the development planning phase for its Saskatchewan and Alberta properties.
"An ICO linked to oil and gas production from Hillcrest's future oil and gas developments will therefore be a speculative investment, with no time frame defined for when commercial production from the Company's current and future oil and gas properties and projects will commence."
Hillcrest and Entoro will work together to seek funding to back the proposal and to eventually develop the currency program.
Hillcrest also noted on Monday that from the recently announced private placing to raise C$525,000 it will deploy funds for further development of its previously announced assets and acquisitions and for general working capital purposes.