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Hemisphere Energy Announces 2023 Second Quarter Results, Declares Quarterly Dividend, and Provides Operations Update
Vancouver, British Columbia--(Newsfile Corp. - August 24, 2023) - Hemisphere Energy Corporation (...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Announces 2023 Second Quarter Results, Declares Quarterly Dividend, and Provides Operations UpdateVancouver, British Columbia--(Newsfile Corp. - August 24, 2023) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (\"Hemisphere\" or the \"Company\") provides its financial and operating results for the three and six months ended June 30, 2023, declares a quarterly dividend payment to shareholders, and provides an operations update.Q2 2023 HighlightsProduced an average of 2,883 boe/d for the quarter and 3,026 boe/d for the six months ended June 30, 2023, a 9% increase over the first half of 2022.Attained quarterly revenue of $19.0 million.Delivered an operating field netback1 of $11.1 million, or $42.41/boe for the quarter.Realized quarterly adjusted funds flow from operations (\"AFF\")1 of $8.1 million, or $30.97/boe.Achieved quarterly free funds flow1 of $3.6 million, or $0.04/basic share.Exited the second quarter with a positive working capital1 position of $2.6 million, compared to net debt1 of $3.7 million at the end of June 2022.Distributed $2.5 million or $0.025/share in dividends to shareholders during the quarter.Purchased and cancelled 872,400 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\".Financial and Operating SummaryThree Months Ended June 30Six Months Ended June 30($000s, except per share amounts)2023202220232022FINANCIAL   Petroleum and natural gas revenue$19,013$30,608$37,707$53,463Operating field netback(1)11,12418,69522,46634,156Operating netback(1)10,94416,14822,05828,145Cash flow provided by operating activities9,37114,92618,40523,136Adjusted funds flow from operations (AFF)(1)8,12314,03116,40325,070Per share, basic(1)0.080.140.160.26Per share, diluted(1)0.080.140.160.25Free funds flow(1)3,5918,24910,40617,493Net income5,7904,13111,7488,749Per sha...