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Hemisphere Energy Reaches 2,400 boe/d with Full Summer Drill Program on Production
Vancouver, British Columbia--(Newsfile Corp. - October 2, 2019) - Hemisphere Energy Corporatio...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"Hemisphere Energy Reaches 2,400 boe/d with Full Summer Drill Program on ProductionVancouver, British Columbia--(Newsfile Corp. - October 2, 2019) - Hemisphere Energy Corporation (TSXV: HME) (\"Hemisphere\" or the \"Company\") is pleased to provide an operational and production update on its southern Alberta oil assets. During the second half of September, Hemisphere put the final two wells of its eleven well summer program on production. Based on field estimates, average corporate production between September 16 and September 30, 2019, has been approximately 2,400 boe/d (97% oil). Hemisphere is monitoring the oil price environment as it evaluates its capital spending for the fourth quarter of 2019 and its budget for 2020. The Company's corporate strategy remains focused on strengthening its balance sheet. Hemisphere intends to use its available cashflow for strategic growth along with lowering net debt and purchasing shares under the Company's previously announced normal course issuer bid.Don Simmons, President and CEO of Hemisphere, will be presenting to the Energy Prospectus Group in Houston, Texas on October 9, 2019 and Dallas, Texas on October 10, 2019. Later in the month Mr. Simmons will also be presenting at the Schachter Energy Conference on Saturday October 19, 2019 at the Mount Royal University in Calgary, Alberta. The presentation will outline Hemisphere's transformational change from under 700 boe/d in 2017 to 2,400 boe/d currently, and its future opportunities for growth through the organic development of its oil assets.About Hemisphere Energy CorporationHemisphere Energy Corporation is a producing Canadian oil and gas company focused on developing low risk conventional oil assets for minimal capital exposure by developing existing oil pools with horizontal drilling and enhanced oil recovery. Hemisphere plans continual growth in production, reserves and cash flow by developing existing projects and executing strategic acquisitions. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol \"HME\".For more information, visit our website at www.hemisphereenergy.ca for our corporate presentation or contact:Don Simmons, President & Chief Executive OfficerTelephone: (604) 685-9255Email: [email protected] Forward-looking StatementsCertain statements included in this news release consti...