Hemisphere Energy (HME-V)
www.hemisphereenergy.ca
75.4 million o/s
Insiders 11%
Debt $6 million (as of Sept 2014)
Key people:
Don Simmons, B.Sc., P.Geol. - President and CEO
Mr. Simmons has extensive experience in petroleum geology and a proven track record of discovering oil and gas in Western Canada and internationally. Initially, Mr. Simmons served as the Company’s Vice President Exploration and became President and Chief Executive Officer in February 2008. Prior to joining Hemisphere, Mr. Simmons was a Geologist at a private oil and gas company, Sebring Energy, until its sale in 2007. Prior thereto, he spent five years with EnCana working on various projects in southeast Alberta and Ecuador. Mr. Simmons holds a Bachelor of Science degree in Geological Sciences from Queen's University and is a member of the Association of Professional Engineers and Geoscientists of Alberta.
Andrew Arthur, P.Geol. - Vice President, Exploration
Mr. Arthur has over 24 years of both domestic and international oil and gas industry experience. He began consulting for Hemisphere in January 2012 and was appointed Vice President, Exploration in July 2012. Throughout his career, he has been a key technical member in many exploration and development projects having drilled several hundred wells across the Western Canada Sedimentary Basin. Exposure to all facets of the oil and gas industry has led him to progressively senior exploration roles. Mr. Arthur graduated with his B.Sc. Geology (Honours) from the University of British Columbia in 1985. With sponsorship from the Geological Survey of Canada, he continued at the University of British Columbia, completing his Master of Science in Geology in 1987. Mr. Arthur is a member of the Association of Professional Engineers and Geoscientists of Alberta.
James Muraro, P.Geoph. - Consultant - Geophysics
Mr. Muraro is a professional Geophysicist with over 26 years of domestic and international oil and gas experience. In addition to Hemisphere, he is currently consulting for Total E&P Canada Ltd. and Sherritt International Corporation. Over the previous 15 years, Mr. Muraro has consulted for a variety of companies including Anderson Exploration, Rosetta Exploration and a number of small companies. Early in his career, Mr. Muraro worked as a seismic processing technologist for two years. He graduated with a Bachelor of Physics degree in 1985 from the University of Victoria.
Company presentation Jan 2015 hemisphereenergy.ca
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Hemisphere Energy Exceeds 1,000 boe/d and Provides Operational Update
Jan 28, '15 - NR
Hemisphere Energy Corporation ("Hemisphere" or the "Company") (TSX VENTURE:HME) is pleased to provide an update on corporate production, highlights from the fourth quarter, and operational plans for 2015. Production Update
Hemisphere achieved record production rates since bringing the wells from its fall drilling program on-stream. Based on field estimates, production during the last two weeks has averaged 1,025 boe/d (88% oil), with an additional 140 boe/d (90% oil) temporarily shut-in due to the recent decrease in oil prices. Hemisphere executed multiple drilling programs in 2014 resulting in record production rates and cash flow growth while reducing operating costs and maintaining a strong balance sheet.
During the fourth quarter, Hemisphere drilled, completed, and equipped four horizontal oil wells in Atlee Buffalo, southeast Alberta. Three of these wells, drilled from the same pad, have been on production for over 30 days and have produced a combined rate of approximately 270 bbl/d of oil during the past two weeks. The fourth well in Atlee Buffalo was drilled to evaluate key lands in an area with historically higher associated water production. It produced approximately 30 bbl/d of oil, but due to lower oil prices and higher operating costs associated with trucking water, it will remain shut-in until prices recover.
In 2014, Hemisphere drilled 10 successful horizontal wells in Atlee Buffalo, with average performance at or above initial expectations. The Company is encouraged by the results in Atlee Buffalo and is well poised to further develop this growth area in an appropriate pricing environment.
2015 Operational Plans
Hemisphere's management and Board of Directors continue to monitor the current market conditions and will apply a conservative approach to capital spending during this time of low commodity prices. The Company has no drilling commitments or material land expiries in 2015, and has deferred drilling activity until the second half of 2015.
At current oil prices, Hemisphere's production remains cash flow positive due to its low operating costs. Hemisphere is presently optimizing its production base in the Jenner and Atlee Buffalo core areas while minimizing operating costs. At this time, the Company will focus on reducing net debt in order to expand Hemisphere's financial flexibility to pursue potential acquisitions and maximize long-term shareholder value.
Don Simmons
President & Chief Executive Officer
(604) 685-9255
info@hemisphereenergy.ca
www.hemisphereenergy.ca
Scott Koyich
Investor Relations
(403) 619-2200
scott@briscocapital.com |
