viewHillcrest Petroleum Ltd

Hillcrest Petroleum's jettisoning of HGOM results in positive bottom line for 2017

The company, which is looking at making an initial coin offering as a way of raising funds, ended the year as a beast of a different colour to the one that started the year

Onshore oil rig
The company is focusing on the Western Canada Sedimentary Basin

Hillcrest Petroleum Ltd (CVE:HRH) booked a profit for 2017 as a result of no longer having to recognise liabilities of its wholly-owned subsidiary HGOM.

HGOM went into a Chapter 7 liquidation, which meant the company lost control over all of the assets and liabilities of HGOM, resulting in a C$6.89mln gain.

READ: Hillcrest Petroleum eyes production restart at West Hazel field in Saskatchewan

Net income for the year was positive at C$5.28mln, versus a loss in 2016 of C$3.56mln.

The company had no oil production from April onwards, as a result of which revenue, net of royalties, slumped to C$36,299 from C$1.30mln the year before.

Crude oil production for the whole of 2017 plunged to 546 barrels of crude from 37,858 barrels of oil equivalent the year before.

The company recently established oil production in Canada through its well reactivation programme in Saskatchewan and is still in the development planning phase for its Saskatchewan and Alberta properties.

The company has disposed of the majority of its offshore oil interests and is actively evaluating new value-enhancing acquisitions. The company’s intention is to operate or, at a minimum, to hold a controlling working interest, in any significant growth assets acquired, to be able to direct operation activity to maximise value for the company.  

Quick facts: Hillcrest Petroleum Ltd

Price: 0.035 CAD

Market: TSX-V
Market Cap: $4.33 m

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