TSX-V: HME – VANCOUVER, Aug. 1, 2018 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) is pleased to provide an update on its drilling and field operations.
Hemisphere has continued to show significant progress in production growth. During the three month period ended June 30, 2018, the Company achieved an average corporate production rate of over 1,050 boe/d (96% oil), based on field estimates. This growth in production represents a 22% increase over the first quarter of 2018 and a 75% increase year over year.
Hemisphere is currently drilling the largest program in its corporate history with up to 11 wells. Drilling operations are expected to be completed over the next two months. To date in the current development program, the Company has completed the drilling of five wells with the sixth well being drilled at this time.
Completion and pipeline operations are ongoing in the field with the first two wells recently brought on production. All other wells drilled by the Company in this drilling program are expected to be tied-in and on production or waiting for injection approvals by the end of September 2018.
The Company has also initiated facility expansion work at both its Atlee Buffalo Upper Mannville F and G pools to provide additional production and injection capacity.
“Hemisphere continues to execute its corporate strategy of organic growth through drilling highly economic wells into conventional oil pools,” said Don Simmons, President and CEO of Hemisphere Energy. “We see this sizeable development program in Atlee Buffalo as a major turning point for the Company and an exciting step forward in capturing the value of these assets.”
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing oil and gas company focused on the development of low risk conventional oil assets for minimal capital exposure by drilling known pools of oil and optimizing waterflood projects. Hemisphere plans continued 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”.