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Hemisphere Energy Corporation provides operational and production updates

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Oilfield Technology,

Hemisphere Energy Corporation has provided an update on its operations and current production.

Hemisphere had an active start to 2018 with three Atlee Buffalo G pool development wells drilled in the first quarter. The first well was completed as a producing oil well and tied-in to the new Atlee Buffalo G pool facility in late March 2018. It has now been on production for over a month and is currently producing approximately 130 bbl/d of oil, based on field estimates. The other two wells were drilled specifically as water injector wells to help re-energise new areas of the reservoir in advance of a significant summer drilling programme. Hemisphere anticipates waterflood approval will be obtained late in the second quarter for these new areas of the pool.

Over the past two weeks Hemisphere’s corporate production rate has averaged approximately 1080 boe/d (96% oil), based on field estimates, which represents an increase of over 80% when compared to the first half of 2017. This growth is a direct result of Hemisphere’s development activity through new drilling and improved waterflood performance over the past three quarters.

Management is encouraged by the continual improvements in oil price and more consistent Western Canadian Select differentials. Hemisphere is planning an extensive development programme for the second half of 2018 focused on growing production, increasing corporate cash flow, and capturing unbooked reserves from both the Atlee Buffalo and Jenner properties.

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