TSX-V: HME – VANCOUVER, Feb. 1, 2018 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) is pleased to announce an increase to its term loan and subsequent development plans for the first quarter of 2018.
Hemisphere has amended its credit agreement with its third-party lender in order to increase the commitment amount available to Hemisphere on its multi-draw, non-revolving term loan facility (the “Term Loan”) by US$5.0 million, bringing the aggregate amount committed by the lender under the Term Loan to US$20.0 million. The Term Loan has a maximum aggregate principal commitment amount of up to US$35.0 million with a maturity date of September 15, 2022.
During the first quarter of 2018, Hemisphere is continuing the momentum built from its successful fall drilling program to further develop its Atlee Buffalo oil assets. With the recent addition of a centralized oil facility to separate and re-inject produced water in the Upper Mannville G pool, the Company plans to drill three additional wells including one producer and two injectors. The producing well will be drilled into the thickest part of the pool in an area with recently added injection, and the two water injectors will provide pressure maintenance for a substantial drilling program of producers in the future.
Hemisphere is participating in the World Outlook Financial Conference being held at the Westin Bayshore in Vancouver, British Columbia on February 2 and 3, 2018. Mr. Don Simmons, President and Chief Executive Officer, will be making a presentation on the Company at the VIP breakfast being held on February 3. For further information, including the conference agenda, please visit www.moneytalks.net/events/world-outlook-conference-2018. A copy of the Company’s presentation will be available on the Company’s website at www.hemisphereenergy.ca.
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”.