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Hemisphere Energy Announces 2024 Fourth Quarter and Year-End Financial and Operating Results
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2025) - Hemisphere Energy Corporation (...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Announces 2024 Fourth Quarter and Year-End Financial and Operating ResultsVancouver, British Columbia--(Newsfile Corp. - April 17, 2025) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (\"Hemisphere\" or the \"Company\") is pleased to provide its financial and operating results for the fourth quarter and year ended December 31, 2024. 2024 Highlights Increased annual production by 10% to a record of 3,436 boe/d (99% heavy oil). Generated annual revenue of $99.9 million, an 18% increase over the previous year. Achieved a 16% increase in annual adjusted funds flow from operations (\"AFF\")(1) to $45.8 million.Invested $22 million to drill nine wells, upgrade facilities, and purchase land at Atlee Buffalo in Alberta, as well as drill five wells (three production wells and two injection wells) and build the facilities required to test a pilot polymer flood at Marsden, Saskatchewan.Generated $23.9 million of annual free funds flow (\"FFF\")(1), a 6% increase over annual FFF reported for 2023.Achieved robust operating and transportation costs of $15.60/boe. Distributed $9.8 million in quarterly base dividends to shareholders during the year.Distributed $5.9 million in special dividends to shareholders during the year.Purchased and cancelled 3.4 million shares at an average price of $1.62 per share under the Company's normal course issuer bid (\"NCIB\"), returning $5.5 million to shareholders during the year.Exited 2024 with a positive working capital(1) position of $6.4 million compared to $3.6 million at December 31, 2023.Note:(1) Non-IFRS financial measure that is not a standardized financial measure under International Financial Reporting Standards (\"IFRS\") and may not be comparable to similar financial measures disclosed by other issuers. Refer to \"Non-IFRS and Other Financial Measures\" section below.Financial and Operating Summary Selected financial and operational highlights should be read in conjunction with Hemisphere's audited consolidated financial statements and related Management's Discussion and Analysis for the year ended December 31, 2024. These reports, including the Company's Annual Information Form for the year ended December 31, 2024, are available on SEDAR+ at www.sedarplus.ca and on Hemisphere's website at www.hemisphereenergy.ca. All amounts are expressed in Canadian dollars unless...