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Hemisphere Energy Announces Record First Quarter Results
Vancouver, British Columbia--(Newsfile Corp. - May 18, 2022) - Hemisphere Energy Corporation (...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Announces Record First Quarter ResultsVancouver, British Columbia--(Newsfile Corp. - May 18, 2022) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (\"Hemisphere\" or the \"Company\") provides its financial and operating results for the first quarter ended March 31, 2022.Q1 2022 HighlightsProduced a record quarterly average of 2,648 boe/d, a 60% increase over the first quarter of 2021.Attained record quarterly revenue of $22.9 million, a 190% increase over the first quarter of 2021.Delivered an operating field netback1 of $64.89/boe, 80% higher than the first quarter of 2021.Achieved operating and transportation costs of $11.22/boe, only 7% higher than the first quarter of 2021 despite the addition of polymer flooding at the Upper Mannville G pool.Realized record quarterly adjusted funds flow from operations (AFF)1 of $11.0 million ($0.11 per diluted share), a 173% increase over the comparable period in 2021.Achieved free funds flow1 of $9.2 million, a 212% increase over the comparable period in 2021, after capital expenditures1 of $1.8 million.Generated net income of $4.6 million, a 161% increase over the comparable period in 2021.Lowered net debt1 at the end of the quarter to $8.7 million from $21.1 million at the end of March 2021, representing a 59% reduction year-over-year.Exited the quarter with a net debt to annualized AFF ratio1 of 0.2.(1) Operating field netback, adjusted funds flow from operations (AFF), free funds flow, capital expenditures, 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. Net debt to annualized AFF ratio is a non-IFRS ratio that includes components of net debt and annualized AFF. 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 Financial Measures\".Corporate Update and OutlookIn the first quarter of 2022, Hemisphere achieved record production levels due to the continued operational success of the Company's enhanced oil recovery projects and the additional production from four new wells drilled in late 2021. Production through the first quarter averaged 22% high...