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Hemisphere Energy Announces 2023 Third Quarter Results, Declares Quarterly Dividend, and Provides Operations Update
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - Hemisphere Energy Corporation...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Announces 2023 Third Quarter Results, Declares Quarterly Dividend, and Provides Operations UpdateVancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (\"Hemisphere\" or the \"Company\") is pleased to provide its financial and operating results for the three and nine months ended September 30, 2023, announce the declaration of a quarterly dividend payment to shareholders, and provide an operations update.Q3 2023 HighlightsSecond best quarter in corporate history for production, revenue, operating field netback, and adjusted funds flow from operations (\"AFF\")1.Produced an average of 3,056 boe/d for the third quarter of 2023, a 6% increase over the same quarter last year.Attained third quarter revenue of $24.3 million, a 3% increase over the third quarter last year. Delivered an operating field netback1 of $15.9 million or $56.40/boe for the quarter.Realized quarterly adjusted funds flow from operations (AFF) of $11.7 million or $41.70/boe.Announced Hemisphere's first ever special dividend to shareholders of $0.03 per common share ($3.0 million), paid on November 1, 2023.Distributed $0.025 per common share ($2.5 million) in quarterly dividends to shareholders in accordance with the Company's dividend policy.Exited the third quarter of 2023 with a positive working capital1 position of $2.2 million, compared to net debt1 of $0.7 million at September 30, 2022.Renewed the Company's Normal Course Issuer Bid (\"NCIB\").Purchased and cancelled 519,400 shares under the Company's NCIB during the third quarter (at an average price of $1.23 per common share).(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 September 30Nine Months EndedSeptember 30($000s, except per share amounts)2023202220232022 FINANCIALPetroleum and natural gas revenue$24,34...