TSX-V: HME – VANCOUVER, June 4, 2018 /CNW/ – Hemisphere Energy Corporation (“Hemisphere” or the “Company”) (TSX-V: HME) is pleased to announce an increase to its term loan.
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$10 million, bringing the aggregate amount committed by the lender under the Term Loan to US$30 million. The Term Loan has a maximum aggregate principal commitment amount of up to US$35 million with a maturity date of September 15, 2022.
Hemisphere is planning an extensive development program for the second half of 2018 focused on growing production, increasing corporate cash flow, and capturing unbooked reserves from both the Atlee Buffalo and Jenner properties. The Company intends to provide further details on its development program in the coming weeks.
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”.