TSX-V: HME – VANCOUVER, Dec. 13, 2017 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) is pleased to announce updates on its corporate production and highlights from its recent fall development program.
Following Hemisphere’s fall drilling program in Atlee Buffalo, field-estimated corporate production has averaged approximately 950 boe/d (95% oil) over the last two weeks, representing a 40% increase over the Company’s third-quarter production rate of 681 boe/d (95% oil), and highlighting the development potential of both the Atlee Buffalo F and G pools. Based on pressure data recorded, two of the six newly drilled wells will become injectors (one in each of the Upper Mannville F and G pools) in order to best optimize pressure maintenance across the pools. Neither of these wells will be produced while awaiting regulatory approval for injection.
Hemisphere has recently finished upgrades to its Atlee Buffalo F pool oil battery with the addition of a SKUD (inclined free water knockout) in order to increase production capacity. The Company is currently awaiting injection approval on two non-producing wells in this pool to further optimize existing production.
The construction of a new Atlee Buffalo G pool oil battery has also been completed with start-up initiated in late November. This new battery provides Hemisphere with a centralized facility to separate and re-inject produced water to reduce trucking costs and significantly increase pressure maintenance across the pool. Hemisphere is currently awaiting injection approval on one non-producing well in this pool.
Hemisphere is also pleased to report it recently acquired additional acreage in Atlee Buffalo offsetting its existing landbase. The 7,433 acres of new land more than doubles Hemisphere’s position in the area and provides the Company with new opportunities to evaluate within the immediate vicinity of its current operations.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing oil and gas company focused on developing conventional oil assets with low risk drilling opportunities. Hemisphere plans continual growth in production, reserves, and cash flow by focusing on existing assets with significant growth potential and executing strategic acquisitions. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME”.