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Hillcrest Energy Technologies ceases oil and gas operations at West Hazel field; completes exit from fossil fuel business

Published: 22:21 01 Jul 2022 AEST

Hillcrest Energy -
Hillcrest shareholders approved all the proposals put forward during the company's AGM, including the re-election of all seven board members

Hillcrest Energy Technologies Inc has said that through a wholly-owned subsidiary, it has ceased oil and gas operations at its West Hazel field in the Western Canadian Sedimentary Basin in Saskatchewan, completing the company's exit from the fossil fuel business.

The Vancouver-based technology company said it proactively initiated abandonment activities at the West Hazel field last year to focus its efforts on commercializing its clean technologies.

"Hillcrest has a singular focus and that is developing its clean energy technologies. The oil and gas assets were in direct public conflict with the direction the company is pursuing, requiring the assets to either be sold or remediated," Hillcrest CEO Don Currie said in a statement.

"As the field became non-commercial, the decision to remediate was the only one available. Ceasing oil and gas operations has better enabled us to achieve our technology commercialization goals, potentially attract the financial and investor support from those who could not or would not support hydrocarbon activities, and continue to work towards generating long-term shareholder value," he added.

READ: Hillcrest Energy Technologies says its power inverter technology will be a 'true game changer' for EVs

Hillcrest said seven non-commercial wellbores have already been plugged and capped at West Hazel, with the remaining two wellbores currently being plugged and capped.

In addition, initial surface reclamation planning is underway with completion expected within the next few years, the company said, adding that the exit has significantly reduced its environmental footprint and long-term Asset Retirement Liability costs.

Shareholders approve AGM proposals

Separately, Hillcrest announced the results of voting at its Annual General Meeting held on Wednesday, June 29, 2022, at which shareholders overwhelmingly voted in favour of all proposals put forward including the re-election of all seven board members consisting of David Farrell, Donald J. Currie, Michael Moskowitz, Kylie Dickson, Mike Krzus, Robert Lambert and Thomas G. Milne.

Shareholders also voted in favour of receiving and considering the consolidated audited financial statements of the company for the financial year ended December 31, 2021; of setting the number of directors at seven; and of appointing DeVisser Gray LLP, Chartered Professional Accountants as auditors, the company noted.

Michael Krzus, who has redomiciled to Perth, Australia, has stepped down as Hillcrest's executive chair, and David Farrell, who has served on the Hillcrest board for the past year, has been elected by the board to replace him.

"Throughout Mr Farrell's career, he has worked with several global junior and mid-tier companies through major growth trajectories. As the new Board Chair, Dave will be well-positioned to help steer Hillcrest into our maturation as a clean energy technology company," said Hillcrest CEO Currie.

"On behalf of the company, I'd like to thank Mike Krzus for his dedication and leadership over the past seven years as the Chair of the Board. Mike brought focused structure and governance through his tenure as Chair, and he is stepping down from the role with Hillcrest being a stronger company than when he accepted the position," he added.

Hillcrest is a clean technology company developing high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified the future.

Contact the author at jon.hopkins@proactiveinvestors.com

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