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Hemisphere Energy Renews $12.5 Million Credit Facility
Hemisphere Energy Renews $12.5 Million Credit Facility Canada NewsWire VANCOUVER...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"\n\n\n\nHemisphere Energy Renews $12.5 Million Credit Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 10, 2017\n\n\n\nTSX-V: HME\n\n\n\nVANCOUVER, Jan. 10, 2017 /CNW/ - Hemisphere Energy Corporation (\"Hemisphere\" or the \"Company\") (TSX-V: HME) is pleased to announce the renewal of its credit facility with no changes. \n\nFollowing the mid-year review with its lender, Hemisphere's credit facility was reaffirmed at $12.5 million. All covenants and applicable margins on borrowing costs remain unchanged. As at January 9, 2017, the Company has drawn approximately $11.2 million on the credit facility.\n\nHemisphere owns and operates 100% of a number of Upper Mannville oil pools in the Jenner and Atlee Buffalo areas of Southern Alberta. The Company continues to focus on the development and exploitation of these pools to ensure optimal reservoir management and maximum recovery from these conventional oil assets.\n\nIn 2016, Hemisphere achieved its main objectives of expanding its waterflood schemes and installing a water recycling facility in the Atlee Buffalo Upper Mannville F pool. The Company also drilled its first producing development oil well in the Upper Mannville G pool. This well continues to produce directly to sales at approximately 55 bbl/d of oil after 5 months of production with significant room to increase the  pump speed once water recycling facilities are constructed for the pool.\n\nHemisphere's prudent capital management through the significant downturn of the past two years has allowed the Company to cautiously prove the concept of waterflood in both its Atlee Buffalo pools, while protecting its balance sheet during a time of extreme challenge in the oil industry. Success at all of its enhanced oil recovery pilot projects thus far, in combination with strengthening market conditions, now allows Hemisphere to move forward with a shift towards full development of both Atlee Buffalo pools. A total of 66 MMBbl of original oil in place is mapped across these pools by McDaniel &am...