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Hemisphere Energy Announces 2024 Third Quarter Results, Declares Quarterly Dividend, and Provides Operations Update
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - Hemisphere Energy Corporation...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Announces 2024 Third Quarter Results, Declares Quarterly Dividend, and Provides Operations UpdateVancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - 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, 2024, declare a quarterly dividend payment to shareholders, and provide an operations update.Q3 2024 HighlightsAchieved quarterly production of 3,621 boe/d (99% heavy oil), an 18% increase over the same quarter last year.Attained quarterly revenue of $26.7 million, a 10% increase from the third quarter of 2023.Delivered operating netback1 of $15.4 million or $46.24/boe for the quarter.Realized quarterly adjusted funds flow from operations (\"AFF\")1 of $11.7 million or $35.17/boe.Executed a $9.9 million capital expenditure program to drill eight successful wells in Atlee Buffalo, Alberta and construct a new multi-well battery and polymer injection facility in Marsden, Saskatchewan.Exited the third quarter with a positive working capital1 position of $6.5 million.Paid a special dividend of $2.9 million ($0.03/share) to shareholders on July 26, 2024.Paid a quarterly base dividend of $2.5 million ($0.025/share) to shareholders on September 13, 2024.Announced a special dividend of $0.03/share to shareholders that was paid subsequent to the quarter on October 25, 2024. Renewed the Company's Normal Course Issuer Bid (\"NCIB\").Purchased and cancelled 756,400 shares under the Company's NCIB.(1) Operating netback, adjusted funds flow from operations (AFF), free funds flow, capital expenditures, and working capital are non-IFRS measures, or when expressed on a per share or boe basis, non-IFRS ratio, 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 measures and 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\".Selected financial and operational highlights should be read in conjunction with Hemisphere's unaudited consolidated interim financial statements and related notes, and the Management's D...