VANCOUVER, Sept. 17, 2019 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) is pleased to provide an operational and production update on its southern Alberta oil assets.
Based on field estimates, average corporate production between September 1 and September 15, 2019 has been approximately 2,020 boe/d (96% oil). This represents an increase of approximately 45% over second quarter production and is the direct result of new wells from Hemisphere’s summer drilling program being brought onstream. Of the Company’s 11 newly drilled wells, nine are now on production with the remaining two expected to be brought on production by the end of this week.
The operational success of Hemisphere’s waterflood project in the Upper Mannville G pool has been shown through the increase in reservoir pressure seen at new wells across the pool. Specifically, the two remaining wells yet to be brought onstream have the highest pressures recorded in the pool since the Company started its waterflood in 2015. Management is optimistic that production rates will climb over the next few months as fluid levels, pump rates, facility operations, and injection levels are optimized.
Hemisphere’s corporate strategy through the remainder of 2019 remains focused on strengthening its balance sheet. Available cashflow will be used to lower net debt, purchase shares under the Company’s previously announced normal course issuer bid, and prepare for continual growth in 2020.
Please join Don Simmons, President and CEO of Hemisphere, when he presents at the Schachter Energy Conference on Saturday October 19, 2019 at the Mount Royal University in Calgary, Alberta, to discuss Hemisphere’s transformational change from under 700 boe/d in 2017 to over 2000 boe/d through organic development of its waterflooded oil pools.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing Canadian 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”.