VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 20, 2014) – Hemisphere Energy Corporation (TSX VENTURE:HME) is pleased to announce production rates from its first well in the Atlee Buffalo area of southeast Alberta.
Hemisphere’s first horizontal well in Atlee Buffalo targeted the oil-bearing sandstones of the Glauconitic formation. The well was recently completed, tied in and placed on production with an initial pumping rate over the last 10 days of approximately 80 barrels of oil per day with no associated water production. This successful well confirms reservoir pressure, productivity, the effective use of horizontal well technology, and supports additional drilling.
Hemisphere acquired the Atlee Buffalo property in November 2013 with the plan to increase oil recovery from existing pools with the use of horizontal wells and future pressure maintenance. Hemisphere has 100 percent working interest in nine contiguous sections covering two significant Glauconitic oil pools with current recovery factors of only four percent.
The Hemisphere team is encouraged by the initial rate of its first Atlee Buffalo horizontal well. A second horizontal well is anticipated to spud in March and further drilling locations are being finalized for the remainder of the 2014 capital program.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is an exploration and production, oil and gas company focused on developing core areas that provide low to medium risk drilling opportunities to increase production, reserves and cash flow. Hemisphere’s continued growth plan is through drilling existing prospects and executing strategic acquisitions and farm-ins. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME”.
This news release contains “forward-looking statements” that are based on Hemisphere’s current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding Hemisphere’s outlook for our future operations, plans and timing for the commencement or advancement of exploration and development activities on our properties, and other expectations, intention and plans that are not historical fact. The words “estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Hemisphere. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by Hemisphere will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Hemisphere disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Definitions and abbreviations
|BOPD||barrels of oil per day|
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Don Simmons, President & Chief Executive Officer
Telephone: (604) 685-9255
Website: www.hemisphereenergy.caScott Koyich, Investor Relations
Telephone: (403) 619-2200