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Hemisphere Energy Announces 2025 First Quarter Results, Declares Quarterly Dividend, Renews Credit Facility, and Provides Operations Update
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2025) - Hemisphere Energy Corporation (TSX...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Announces 2025 First Quarter Results, Declares Quarterly Dividend, Renews Credit Facility, and Provides Operations UpdateVancouver, British Columbia--(Newsfile Corp. - May 22, 2025) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (\"Hemisphere\" or the \"Company\") provides its financial and operating results for the first quarter ended March 31, 2025, declares a quarterly dividend payment to shareholders, renews credit facility, and provides operations update.Q1 2025 HighlightsAttained record quarterly production of 3,833 boe/d (99% heavy oil), a 21% increase over the same period of last year. Generated $27.3 million in revenue, a 30% increase over the first quarter of 2024.Achieved total operating and transportation costs of $14.63/boe.Delivered an operating netback1 of $17.0 million, or $49.27/boe.Realized quarterly adjusted funds flow from operations (\"AFF\")1 of $12.7 million, or $36.83/boe, a 26% increase over the first quarter of 2024.Generated free funds flow1 of $11.5 million, or $0.12 per share.Distributed $2.4 million, or $0.025 per share, in dividends to shareholders during the quarter.Purchased and cancelled 709,700 shares for $1.3 million under the Company's Normal Course Issuer Bid (\"NCIB\").Exited the first quarter with positive working capital1 of $14.1 million, compared to $4.2 million at the end of March 2024.(1) Operating netback, adjusted funds flow from operations (AFF), free funds flow, capital expenditure, 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 condensed interim consolidated financial statements and related notes, and the Management's Discussion and Analysis for the three months ended March 31, 2025 which are available on SEDAR+ at www.sedarplus.ca and on Hemisphere's website at www.hemisphereenergy.ca. All amounts are expressed ...