Hillcrest Resources Ltd. (TSXV:HRH) announced that it has started developing the Donner #4 well site, which is located about 500 feet southwest of the Donner #1 well. The company plans to provide an update when a drill rig comes on site.

Don Currie, chairman and CEO of Hillcrest, commented:

We are excited to have the exploration and development plan underway. After careful review of all available data including seismic, the company chose the Donner #4 location with the belief that once drilled and potentially completed, the well could be a more significant producer than our current Donner 1 well. Drilling and completion costs in the area have come down by over 20% in the past 6 months making it more attractive to begin and continue a drilling program. In addition to the reduced drilling costs, we sell our oil at Louisiana Light pricing, which has averaged over $107 a barrel, a significant increase over WTI.
We are excited about what the potential production would mean to our overall revenue upon potential completion and production of the new wells.

Click here to read the full Hillcrest Resources Ltd. (TSXV:HRH) press release.

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