(via TheNewswire)

VANCOUVER, B.C. - TheNewswire - December 13, 2019 - Hillcrest Petroleum Ltd. (the " Company " or " Hillcrest ") ( TSXV:HRH) ( OTC:HLRTF) announces that, further to its news release of December 4, 2019 regarding the closing of its private placement of units (the " Units ") at $0.03 per Unit for gross proceeds of $628,333.38 (the " Offering "), the Company intends to use the proceeds from the Offering to pay aged outstanding accounts payable of $539,500, and the remaining proceeds of up to $60,500 will be used for general working capital. Specifically, $140,000 will be used to retire a senior secured creditor loan, $149,500 will be used to retire overdue creditor debt and $250,000 will be used for immediate operation liabilities related to the Saskatchewan assets. General working capital is expected to cover direct corporate and administration costs such as office rental, accounting and legal expenses. No management fees will be paid out of the proceeds.

For more information on Hillcrest Petroleum Ltd., contact Donald Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com .

ON BEHALF OF THE BOARD

Donald Currie

Chief Executive Officer and Director

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Copyright (c) 2019 TheNewswire - All rights reserved.