Vancouver, British Columbia, February 8, 2022 – Hemisphere Energy Corporation (TSX-V: HME)(OTCQX: HMENF)
(“Hemisphere” or the “Company”) is pleased to announce an update on its operations.
During the first half of January, Hemisphere brought four new Atlee F pool wells online that had been rilled at the end of the fourth quarter. Corporate production including these new wells has averaged approximately 2,635 boe/d over the past two weeks (99% heavy crude oil; based on field estimates between Jan 23rd – Feb 5th). This represents record production for the Company and is a direct result of Hemisphere’s successful enhanced oil recovery projects in Atlee Buffalo.
Despite the challenges of an extreme cold snap that caused significant downtime and freeze-offs during the first two weeks of the year, Hemisphere’s corporate production for the full month of January still averaged approximately 2,390 boe/d (99% heavy crude oil; based on field estimates between Jan 1st – 31st), which is consistent with Hemisphere’s December production numbers. At this level, the Company is producing approximately 33% more than its estimated annual 2021 production average of 1,800 boe/d.
Hemisphere is pleased with the early performance of its new Atlee F pool wells, as well as the overall performance of its G pool polymer flood project. While most of the Company’s capital expenditures over the past few years have been used for development of the Atlee G pool, capital allocation towards the Atlee F pool is expected to increase moving forward once the pool is converted to polymer flood. With a positive response to polymer flooding in the Atlee G pool thus far, management is excited to apply this enhanced oil recovery technique to the Atlee F pool.
About Hemisphere Energy Corporation
Hemisphere is a Canadian oil company focused on sustainable growth of its high netback, low decline conventional heavy oil assets through water and polymer flood enhanced recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer
Telephone: (604) 685-9255