TSX-V: HME
VANCOUVER, Oct. 19, 2017 /CNW/ - Hemisphere Energy
Corporation (TSX-V: HME) ("Hemisphere" or the "Company") is pleased
to announce that it has completed its fall drilling program and the
expansion of its Atlee Buffalo F pool facility.
Hemisphere successfully drilled six horizontal development wells
targeting the Glauconitic Sands of the Upper Mannville F and G
pools in the Atlee Buffalo area of southeast Alberta. All six wells were drilled on
schedule and encountered excellent reservoir characteristics. Three
producers were drilled into the Upper Mannville F pool, and two
producers and one injector were drilled into the Upper Mannville G
pool. Completion operations are proceeding and production
results will be disclosed as they become available.
As part of the development program, the Company completed an
expansion of its Atlee Buffalo F pool facility in order to provide
additional capacity for new wells and optimize existing production.
A SKUD (Inclined Free Water Knockout) was installed as a cost
effective way to separate water in order to increase production
throughput.
Work is continuing on the construction of a new Atlee Buffalo G
pool facility which will allow the Company to handle production
from the two new producers in the pool, and enable optimization of
existing production from the pool which has been facility
constrained.
"We are very pleased with the successful execution of the
largest drilling program in Hemisphere's history," said
Don Simmons, President and Chief
Executive Officer. "These new wells, along with the completed
facility expansion, are a key step forward in the development of
our significant oil assets in Atlee Buffalo and set the Company up
for further development in 2018."
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing oil and gas company
focused on developing conventional oil assets with low risk
drilling opportunities. Hemisphere plans continual growth in
production, reserves, and cash flow by focusing on existing assets
with significant growth potential and executing strategic
acquisitions. Hemisphere trades on the TSX Venture Exchange
as a Tier 1 issuer under the symbol "HME".
Forward-looking Statements
This news release contains "forward-looking statements" that
are based on Hemisphere's current expectations, estimates,
forecasts and projections. The words "estimates", "projects",
"expects", "intends", "believes", "plans", or their negatives or
other comparable words and phrases are intended to identify
forward-looking statements and include statements regarding
Hemisphere's operational developments anticipated to result from
the Company's fall drilling program and other expectations,
intentions, and plans that are not historical fact.
Forward‐looking statements are based on a number of material
factors, expectations, or assumptions of Hemisphere which have been
used to develop such statements and information but which may prove
to be incorrect. Although Hemisphere believes that the expectations
reflected in such forward‐looking statements or information are
reasonable, undue reliance should not be placed on forward‐looking
statements because Hemisphere can give no assurance that such
expectations will prove to be correct. In addition to other factors
and assumptions which may be identified herein, assumptions have
been made regarding, among other things: that Hemisphere will
continue to conduct its operations in a manner consistent with past
operations; results from drilling and development activities are
consistent with past operations; the quality of the reservoirs in
which Hemisphere operates and continued performance from existing
wells; the continued and timely development of infrastructure in
areas of new production; the accuracy of the estimates of
Hemisphere's reserve volumes; certain commodity price and other
cost assumptions; continued availability of debt and equity
financing and cash flow to fund Hemisphere's current and future
plans and expenditures; the impact of increasing competition; the
general stability of the economic and political environment in
which Hemisphere operates; the general continuance of current
industry conditions; the timely receipt of any required regulatory
approvals; the ability of Hemisphere to obtain qualified staff,
equipment and services in a timely and cost efficient manner;
drilling results; the ability of the operator of the projects in
which Hemisphere has an interest in to operate the field in a safe,
efficient and effective manner; field production rates and decline
rates; the ability to replace and expand oil and natural gas
reserves through acquisition, development and exploration; the
timing and cost of pipeline, storage and facility construction and
expansion and the ability of Hemisphere to secure adequate product
transportation; future commodity prices; currency, exchange and
interest rates; regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which Hemisphere
operates; and the ability of Hemisphere to successfully market its
oil and natural gas products.
The forward‐looking information and statements included in
this news release are not guarantees of future performance and
should not be unduly relied upon. Such information and statements,
including the assumptions made in respect thereof, involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to defer materially from those anticipated
in such forward‐looking information or statements including,
without limitation: changes in commodity prices; changes in the
demand for or supply of Hemisphere's products, the early stage of
development of some of the evaluated areas and zones; unanticipated
operating results or production declines; changes in tax or
environmental laws, royalty rates or other regulatory matters;
changes in development plans of Hemisphere or by third party
operators of Hemisphere's properties, increased debt levels or debt
service requirements; inaccurate estimation of Hemisphere's oil and
gas reserve volumes; limited, unfavourable or a lack of access to
capital
markets; increased costs; a lack of adequate insurance
coverage; the impact of competitors; and certain other risks
detailed from time‐to‐time in Hemisphere's public disclosure
documents, (including, without limitation, those risks identified
in this news release and in Hemisphere's Annual Information
Form).
The forward‐looking information and statements contained in
this news release speak only as of the date of this news release,
and Hemisphere does not assume any obligation to publicly update or
revise any of the included forward‐looking statements or
information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Hemisphere Energy Corporation
