Vancouver, British Columbia – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to announce an update on its operations.
During the first half of January, Hemisphere brought four new Atlee F pool wells online that had been drilled at the end of the fourth quarter. Corporate production including these new wells has averaged approximately 2,635 boe/d over the past two weeks (99% heavy crude oil; based on field estimates between Jan 23rd – Feb 5th). This represents record production for the Company, and is a direct result of Hemisphere’s successful enhanced oil recovery projects in Atlee Buffalo.
Despite the challenges of an extreme cold snap that caused significant downtime and freeze-offs during the first two weeks of the year, Hemisphere’s corporate production for the full month of January still averaged approximately 2,390 boe/d (99% heavy crude oil; based on field estimates between Jan 1st– 31st), which is consistent with Hemisphere’s December production numbers. At this level, the Company is producing approximately 33% more than its estimated annual 2021 production average of 1,800 boe/d.
Hemisphere is pleased with the early performance of its new Atlee F pool wells, as well as the overall performance of its G pool polymer flood project. While most of the Company’s capital expenditures over the past few years have been used for development of the Atlee G pool, capital allocation towards the Atlee F pool is expected to increase moving forward once the pool is converted to polymer flood. With a positive response to polymer flooding in the Atlee G pool thus far, management is excited to apply this enhanced oil recovery technique to the Atlee F pool.