VANCOUVER, Sept. 18, 2018 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) is pleased to provide an update on its recent field operations.
Hemisphere has successfully completed the drilling component of its 11 well summer program, of which 10 wells will be produced and one well used as a water injector at this time.
Based on field estimates, corporate production has averaged approximately 1430 boe/d (98% oil) during the week of September 8-14 as wells have gradually been turned on through the month. The final two new wells are scheduled to be on production by the end of September, with pump speeds and oil rates expected to be further optimized at all of the Company’s wells into October.
The Company recently completed an expansion at its Atlee Buffalo Upper Mannville F pool facility by adding a heated free water knockout to enhance water separation and oil treating capacity. Hemisphere is also currently adding throughput at the Upper Mannville G pool facility by installing a SKUD (inclined free water knockout) and oil treater. The facility is presently causing production restrictions, and with the expansion planned to be complete by mid-October, management expects additional growth in production rates from this pool through the fourth quarter.
“This is just the start of the growth we expect to see from this drilling program,” says Don Simmons, CEO of Hemisphere Energy. “The wells look great and the waterflood is working. Once the new facility work is complete, it will be exciting to see what our pools are capable of.”
Hemisphere will continue to provide operational updates on corporate production growth as additional wells are brought on and facility debottlenecking work is finalized.
Please see our website at www.hemisphereenergy.ca for the company’s updated corporate presentation.
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”.