VANCOUVER, Aug. 8, 2017 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) is pleased to provide an update on its operations and current production.
Over the past number of months, Hemisphere has continued to focus on enhancing its waterflood projects in Atlee Buffalo while optimizing all of its producing wells in southern Alberta. A pipeline was recently constructed at the Atlee Buffalo F pool to better distribute produced water to all of the injectors within the Company’s waterflood project. During the second quarter, the Company also performed maintenance turnarounds at both the Jenner and Atlee Buffalo facilities.
As a result of the Company’s successful waterfloods and well optimization, estimated field production for July 2017 was approximately 700 boe/d (95% oil). This represents a greater than 40% increase over the Company’s production during the same month last year. In the Atlee Buffalo F pool, production has increased by 86% over the first seven months of 2017 to approximately 370 boe/d as pressure maintenance continues to take effect. The Atlee Buffalo G pool producing well, which was drilled and put on production in August 2016, is stable at approximately 35 bbl/d after almost a year of production and remains facility constrained.
For the remainder of 2017, the Company plans to complete a battery at the Atlee Buffalo G pool in order to test the full capability of its producing G well and to prepare for further development of the asset. Hemisphere also plans to drill up to two additional Atlee Buffalo wells to further grow reserves and production in this area by year-end.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing oil and gas company focused on developing low risk conventional oil assets for minimal capital exposure through developing known pools of oil and optimizing waterflood projects. Hemisphere plans continual growth in production, reserves, and cash flow by drilling existing projects and executing strategic acquisitions. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME”.