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Forum - Mining and Commodities Eh! (KFG Resources Ltd - KFG.V)    All things commodities, with a Canadian Junior Miner focus.

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From: Jimjones1972 (Rep: 3) reply to Jimjones1972Date: 02/05/2020 10:27
Forum: Mining and Commodities Eh! - Msg #6450 - List KFG.V msgs Thread #673875762 (Rec: 0)
Re: Update from JV Partner HRH on West Hazel. KFG owns 15% of this project:

Hillcrest to connect West Hazel ops to Sask. power grid

2020-02-05 08:15 MT - News Release


Mr. Donald Currie reports

HILLCREST ELECTRIFIES WEST HAZEL OIL PRODUCTION OPERATIONS

Further to its recent news release dated Jan. 31, 2020, Hillcrest Petroleum Ltd. has provided an update on its operational improvement initiative to increase operational reliability and reduce operating costs by connecting its West Hazel production operations to the Saskatchewan power grid. The process will significantly reduce operating costs and eliminate greenhouse gas emissions from its current diesel/propane power system.

The Company recently initiated actions with Sask Power to connect its West Hazel oil production operations to Saskatchewan's electricity grid. Connection to the grid involves connecting to nearby main electricity transmission lines and installing necessary electrical equipment to service operational requirements.

This will transition West Hazel production operations from expensive, greenhouse gas emitting, diesel and propane fuels to clean grid electricity, is expected to deliver additional production from increased operational reliability (e.g. reduced downtime) and reduce direct operating expenses by approximately $8,000 per month, representing approximately a 10% operating cost saving.

"Since re-starting production from the West Hazel field early last year, we have gained valuable insight into opportunities to add value by optimizing our operations and implementing environmental best practices," commented Don Currie, CEO of Hillcrest Petroleum. "Electrifying the field is the first of a number of value adding field development activities planned to deliver maximum value from our West Hazel assets."

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.



Reply to Jimjones1972 - Msg #6445 - 01/31/2020 12:21

Update from JV Partner HRH on West Hazel. KFG owns 15% of this project:

Hillcrest completes six months of West Hazel production

2020-01-31 07:27 MT - News Release


Mr. Donald Currie reports

HILLCREST WEST HAZEL PRODUCTION UPDATE

Hillcrest Petroleum Ltd., further to its news release of July 5, 2019, and Sept. 10, 2019, has provided an update on its operations at West Hazel.

The company has noted six full months of production after all four wells were brought back on production at the West Hazel property.

In early July, 2019, total fluid production (oil and water) was over 4,500 barrels per day, with oil cut estimated at 1.5 per cent to 2 per cent of total fluid. In September, the company announced production averaging over 150 barrels of oil per day, with oil cut increasing to between 2.5 per cent and 3 per cent.

Production performance over the past six months indicates consistently strong fluid flow capacity from the wells and reservoirs. Daily production from the field periodically exceeded 200 barrels per day, indicating the latent production potential from the field, as Hillcrest continues to optimize production operations. Oil rates over the last six months averaged 115 barrels per day, despite reducing total fluid production to minimize sand influx in the wells and operational issues in one of the wells.

"We are pleased with how the field has performed well and have gained valuable insight into how best to optimize production from the wells. Heavy oil operations require more attention and care than light oil, particularly with regard to sand produced with the oil, and our field staff have done an excellent job keeping all running even in severe cold temperatures," states Don Currie, chief executive officer of Hillcrest Petroleum. "The production revenue has created a floor for Hillcrest to work from and we continue to work to improve the company balance sheet and shareholder value. The company will continue to issue updates as developments occur."

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.
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