Hillcrest to Delist from the TSXV and Apply for Listing on the CSE

September 8, 2020 – Vancouver, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest“) (TSXV:HRH) (OTC:HLRTF), announces that the Company anticipates applying to the TSX Venture Exchange (the “TSXV“) to delist its common shares (the “Shares“), and that the Company intends to apply to list its Shares on the Canadian Securities Exchange (the “CSE“). The Company believes listing the Shares on the CSE will deliver additional value to the shareholders as a result of the Company being subject to reduced filing fees, lower compliance and legal costs and other fees. The Company will also have increased flexibility to expand in multiple areas of operation. Completion of the listing of the Shares on the CSE is subject to the Company’s application to delist being accepted by the TSXV, and acceptance of the Company’s application to list by the CSE.

ABOUT THE COMPANY

Hillcrest is a Canadian oil and gas producer and operates multiple wells on two projects in the province of Saskatchewan. To complement its oil and gas production, Hillcrest is also pursuing opportunities related to clean energy technology with the potential to substantially reduce greenhouse gas emissions through its 50% ownership in ALSET Innovations Inc. ALSET is a technology partnership with rights to exclusively license and market innovative efficient power generation and electric motor technologies in the USA and also to exclusively market this technology in the EU.