Hillcrest’s production rises after Gulfsands acquisition
Posted on Tuesday, January 27th, 2015 at 3:56 pm
Hillcrest Resources Ltd. announced that on December 19, it completed the purchase of Texas-based Gulfsands Petroleum USA, according to a press statement published by the Marketwatch on January 20.
The purchase caused Hillcrest’s production to increase by approximately 171 barrels of oil per day (bopd) and 420 thousand cubic feet of gas per day. The company also said that apart from increased oil and gas production, it identified four new infill drilling locations and also continued their well re-completion and maintenance projects.
The newly-sealed deal also relocates Hillcrest’s main office to Houston,TX. According to Hillcrest CEO and Chairman Don Currie, the change of address would move their headquarters to a location nearer to their production facilities and would also streamline administrative responsibilities and operations.
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