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Hemisphere Energy Announces 2023 First Quarter Results, Declares Quarterly Dividend, Renews Credit Facility, and Provides Operations Update
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2023) - Hemisphere Energy Corporation ...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Announces 2023 First Quarter Results, Declares Quarterly Dividend, Renews Credit Facility, and Provides Operations UpdateVancouver, British Columbia--(Newsfile Corp. - May 25, 2023) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (\"Hemisphere\" or the \"Company\") provides its financial and operating results for the first quarter ended March 31, 2023, declares a quarterly dividend payment to shareholders, renews credit facility, and provides operations update.Q1 2023 HighlightsProduced a record quarterly average of 3,171 boe/d, a 20% increase over the first quarter of 2022.Attained quarterly revenue of $18.7 million.Delivered an operating field netback1 of $11.3 million or $39.75/boe.Realized quarterly adjusted funds flow from operations (\"AFF\")1 of $8.3 million or $29.01/boe.Achieved free funds flow1 of $6.8 million or $0.07 per share.Exited the first quarter with a positive working capital1 position of $3.0 million, compared to $8.7 million net debt1 at the end of March 2022.Distributed $2.5 million, or $0.025 per share, in dividends to shareholders during the quarter.Purchased and cancelled 202,300 shares under the Company's Normal Course Issuer Bid (\"NCIB\").(1) Operating field netback, adjusted funds flow from operations (AFF), free funds flow, working capital, and net debt are non-IFRS measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Non-IFRS financial ratios are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the section \"Non-IFRS and Other Specified Financial Measures\".Q1 2023 OverviewIn the first quarter of 2023, Hemisphere's production increased by 20% over the first quarter of 2022, achieving a record average rate of 3,171 boe/d (99% heavy oil). This was due in part to the production from two new Atlee Buffalo F pool wells that were placed on production early in the quarter.Average sales price in the first quarter of 2023 was 32% lower than the first quarter of the previous year. This was due to a 19% decrease in the West Texas Intermediate (\"WTI\") crude oil price, combined with a 70% higher Western Canadian Select (\"WCS\") differential, which averaged US$76.13 and US$24.77, respectively, ...