Hillcrest announces $500,000 LOI for Woodrow (Montana) farm-in

NOT FOR U.S. DISTRIBUTION

VANCOUVER, B.C. July 24, 2013 - Hillcrest Resources Ltd. (the "Company" or Hillcrest") (TSX.V : HRH) is pleased to announce the Company has entered into a Letter of Intent with West Bakken Holdings Ltd giving them the right to farm in to the working interest of Hillcrest Resources Ltd. The farm in, when completed, includes 50% ownership in the oil and gas interests and properties and related rights and interests to the oil and gas leases (the "Woodrow Property") in Montana USA comprised of 12,333 acres in Teton County. Hillcrest Resources Ltd is slated to receive a total of Five Hundred and Fifty Thousand US dollars as a price for the farm in.

The Letter of Intent was signed June 28th and a non-refundable deposit of Fifty Thousand US dollars ($50,000.00) was received by Hillcrest on July 3rd ,2013.

The Letter of Intent includes provisions for the construction of a definitive agreement between the parties. Those provisions include the definitive agreement being completed by August 17th, 2013 at which time a further One Hundred and Twenty Five Thousand US dollars ($125,000.00) will be forwarded to Hillcrest. Remaining cash due to Hillcrest will be received in 3 installments at 60 day intervals following the signing of the definitive agreement.

Don Currie, CEO and Chairman states "The Farm In recognizes the current value of the Woodrow property and the potential to create additional shareholder value once an exploration program proceeds. Both West Bakken Energy Holdings Ltd and Hillcrest will, upon signing the definitive agreement, work together to review, plan and implement an exploration program on the acreage. Numerous companies have been implementing exploration programs within the proposed Alberta Basin trend with more programs scheduled to commence. Numerous studies and articles have been published regarding the potential of the area and Hillcrest Resources intends to be part of the area expansion and potential production. Our leases are fully paid private leases with no exploration provisions or obligations until well into 2016 giving Hillcrest and our farm in partner time to properly plan and implement any agreed upon plan.

The transaction is another example of the Company focusing on non-dilutive financing. We will continue to use our assets and production as a means to fund our exploration projects whenever possible."

The Company will advise our shareholders once the definitive agreement has been completed and signed.

For more information on Hillcrest Resources Ltd, contact Donald Currie toll free at 1-866-609-0006 or visit the Company's website at www.hillcrestresources.com

On Behalf of the Board of Directors

Donald Currie

Chairman, Chief Executive Officer and Director

FORWARD LOOKING STATEMENT HERE

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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.

is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 (un-audited). Iand therefore, in the opinion of management, the availability of this non dilutive funding and the plans to drill new wells in Newton County, represents a low risk development plan with a proposed reasonable rate of return. Hillcrest has a 60% working interest in wells drilled on the Newton County leases. Donner #3 is expected be a directional well drilled from the existing Donner #2 well pad. Using the Donner #2 well pad will save the Company approximately $100,000. At present, Donner #1 produces approximately 43 barrels of oil per day and Donner #2 produces natural gas at an average of 400,000 cubic feet per day. The oil produced at Donner is sold under Louisiana Light pricing ($107.00 average per barrel in April 2013) which is at a significant premium to WTI ($94.00 average per barrel in April 2013) .Don Currie, CEO and Chairman states "this financing option represents a potentially significant step forward for Hillcrest. Should the wells produce as estimated, our monthly production could increase significantly. The increase in revenue would come with no increase in internal monthly operating costs, further establishing Hillcrest as a profitable company through operations. We expect the financing to close and be available to the Company on or before the end of June and the drilling to start on or before the end of August pending permitting and rig availability. Hillcrest Resources Ltd owns a 60% working interest in Donner #3 before payout and a 36% working interest after payout."

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") (TSX-V: HRH) is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 (un-audited). Iand therefore, in the opinion of management, the availability of this non dilutive funding and the plans to drill new wells in Newton County, represents a low risk development plan with a proposed reasonable rate of return. Hillcrest has a 60% working interest in wells drilled on the Newton County leases. Donner #3 is expected be a directional well drilled from the existing Donner #2 well pad. Using the Donner #2 well pad will save the Company approximately $100,000. At present, Donner #1 produces approximately 43 barrels of oil per day and Donner #2 produces natural gas at an average of 400,000 cubic feet per day. The oil produced at Donner is sold under Louisiana Light pricing ($107.00 average per barrel in April 2013) which is at a significant premium to WTI ($94.00 average per barrel in April 2013) .Don Currie, CEO and Chairman states "this financing option represents a potentially significant step forward for Hillcrest. Should the wells produce as estimated, our monthly production could increase significantly. The increase in revenue would come with no increase in internal monthly operating costs, further establishing Hillcrest as a profitable company through operations. We expect the financing to close and be available to the Company on or before the end of June and the drilling to start on or before the end of August pending permitting and rig availability. Hillcrest Resources Ltd owns a 60% working interest in Donner #3 before payout and a 36% working interest after payout."

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For more information on Hillcrest Resources Ltd, contact Donald Currie toll free at 1-866-609-0006 or visit the Company's website at www.hillcrestresources.com

On Behalf of the Board of Directors

Donald Currie

Chairman, Chief Executive Officer and Director

FORWARD LOOKING STATEMENT HERE

Cautionary Statement Regarding "Forward-Looking" Information Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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.

is pleased to announce the Company has entered into an engagement agreement with Ascendant Securities Inc. of Toronto Canada ("Ascendant") for the establishment of a $2 million senior secured development facility to be utilized to drill and complete up to two wells on the Company's Newton County Texas lease properties. The development facility is non dilutive to the Company's shareholders and, subject to the success of the development activity, will increase the Company's reserves and cash flows significantly. Closing of the development facility is subject to normal diligence and the transaction is expected to close prior to June 30, 2013. The proposed development activity is within the Company's current producing acreage in Newton County Texas. Production from the Donner #1 oil well and our Donner #2 natural gas well enabled the Company to show an eighty thousand dollar ($80,000.00) profit in the first quarter of 2013 (un-audited). Iand therefore, in the opinion of management, the availability of this non dilutive funding and the plans to drill new wells in Newton County, represents a low risk development plan with a proposed reasonable rate of return. Hillcrest has a 60% working interest in wells drilled on the Newton County leases. Donner #3 is expected be a directional well drilled from the existing Donner #2 well pad. Using the Donner #2 well pad will save the Company approximately $100,000. At present, Donner #1 produces approximately 43 barrels of oil per day and Donner #2 produces natural gas at an average of 400,000 cubic feet per day. The oil produced at Donner is sold under Louisiana Light pricing ($107.00 average per barrel in April 2013) which is at a significant premium to WTI ($94.00 average per barrel in April 2013) .Don Currie, CEO and Chairman states "this financing option represents a potentially significant step forward for Hillcrest. Should the wells produce as estimated, our monthly production could increase significantly. The increase in revenue would come with no increase in internal monthly operating costs, further establishing Hillcrest as a profitable company through operations. We expect the financing to close and be available to the Company on or before the end of June and the drilling to start on or before the end of August pending permitting and rig availability. Hillcrest Resources Ltd owns a 60% working interest in Donner #3 before payout and a 36% working interest after payout."

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For more information on Hillcrest Resources Ltd, contact Donald Currie toll free at 1-866-609-0006 or visit the Company's website at www.hillcrestresources.com

On Behalf of the Board of Directors

Donald Currie

Chairman, Chief Executive Officer and Director

FORWARD LOOKING STATEMENT HERE

Cautionary Statement Regarding "Forward-Looking" Information Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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.