Hillcrest Energy Technologies Ltd V.HRH

RE:RE:RE:RE:News Release

[Smiles48]

August 17 news release: HOUSTON, TEXAS Hillcrest Petroleum Ltd. (the Company or Hillcrest) (TSX-V: HRH US Symbol: HLRTF) is announcing the non-binding letter of intent for the sale of the Companys working interest in its four oil and gas wells in Newton County, Texas will not be extended due to the buyers inability to close within a reasonable timeframe due to funding issues. Terms of the LOI included a purchase price of USD$885,000, with an effective date of July 1, 2015 and an original closing date of July 31, 2015, subsequently extended to August 14th, 2015. Hillcrest has advised its marketing firm, PLS Inc. of Houston Texas, to continue discussions with other parties who have already shown interest or may have interest in purchasing the assets. While that process occurs, Hillcrest will continue to produce oil and gas, receive revenues from the production in Hartburg, and use the proceeds to continue to pay down the secured debt previously obtained to drill the wells. So it's been 3 months! Have they given up on trying to sell this thing? How much is this great PLS marketing firm costing the company? How much is this property really producing in terms of bbl/day and net $ ??