VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 19, 2014) – Hemisphere Energy Corporation (TSX VENTURE:HME) is pleased to provide an update on operations in its Atlee Buffalo property in southeast Alberta.
Hemisphere’s first horizontal well in Atlee Buffalo was drilled in January 2014 and targeted the oil-bearing Glauconitic sandstones within the Mannville Group. The well has been on production for over 30 days at an average pumping rate of approximately 100 barrels of oil per day with a 2% water cut and minor associated gas. With the consistent low water cut Hemisphere has been able to tank treat the oil production and truck directly to sales.
The initial production results of the Atlee Buffalo horizontal well are better than expected and very encouraging as Hemisphere continues to finalize additional drilling locations and development plans. A second horizontal well in Atlee Buffalo was planned for March but due to warm weather conditions the well has been rescheduled to be part of a multi-well drilling program after spring breakup.
Hemisphere acquired the Atlee Buffalo property in November 2013 with the plan to increase oil recovery from existing pools using horizontal wells and future pressure maintenance. Hemisphere has 100 percent working interest in nine contiguous sections of land covering two significant Glauconitic oil pools where up to 75 drilling locations have been identified.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing 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.
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.
Hemisphere Energy Corporation
President & Chief Executive Officer
Hemisphere Energy Corporation