Vancouver, British Columbia–(Newsfile Corp. – December 19, 2022) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to report that it has commenced a two-well drilling program in the Atlee Buffalo area of southeast Alberta.
With service cost increases and labour shortages continuing to impact the industry, Hemisphere has taken advantage of an available rig at lower rates to accelerate its first quarter drilling program to December. While drilling operations are expected to be finished by year-end, the Atlee F pool wells are unlikely to be completed and brought online until January. Due to the accelerated drilling of these wells, the Company anticipates an increase of approximately $2 million of capital spending in 2022.
The Company has also granted incentive stock options, in accordance with the Company’s stock option plan, to purchase up to 2.075 million common shares until December 14, 2032, to directors, officers, and investor relations personnel at an exercise price of $1.30 per share.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value per share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through water and polymer flood enhanced recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.