This Small-Cap Canadian E&P has been on our Watch List since they hosted a luncheon for us in Houston late last year. I will be send out a profile on it in June. Start your dd now as this has the makings for a good year for HME. - Dan
---------------------------------------
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2014) - Hemisphere Energy Corporation (TSX VENTURE:HME) ("Hemisphere" or the "Company") is pleased to announce its expanded capital expenditure plans for the remainder of 2014 as a result of the recently closed $10 million financing.
Hemisphere plans to drill up to 10 additional wells in the remainder of 2014, bringing the total for the year up to 13 wells. The Company will also optimize, workover and recomplete a number of existing wells, acquire 3D seismic to assist in defining future drilling locations, and continue to build its land holdings with growth potential.
With the positive results of Hemisphere's first Atlee Buffalo horizontal well achieving a 90 day production rate of approximately 90 boe/d (93% oil), the Company will focus on further development in the Atlee Buffalo area. Hemisphere anticipates a five well summer drilling program to commence in the first week of June. Another five wells are scheduled as part of a follow-up fall drilling program.
The increase in the 2014 capital budget is mainly devoted to additional drilling in order to add significant production, reserves and cash flow. The budget will be financed using cash flow from operations and the Company's existing credit facility of $10.5 million, which is currently undrawn.
Annual General and Special Meeting of Shareholders
Hemisphere's Annual General and Special Meeting of Shareholders is being held at 9:00 am Pacific Daylight Time on June 6, 2014 in Terrace B at the Terminal City Club, 837 Hastings Street West, Vancouver, British Columbia.
EPAC Oil & Gas Investor Showcase
Mr. Don Simmons, President and Chief Executive Officer, will be making a presentation on Hemisphere at the EPAC Oil & Gas Investor Showcase being held on June 11, 2014 in the Lecture Theatre at the Metropolitan Conference Centre, 333 4th Avenue SW, Calgary, Alberta. Upon availability, the webcast of this presentation will be posted to Hemisphere's website at www.hemisphereenergy.ca.
About Hemisphere Energy Corporation
Hemisphere is a producing oil and gas company focused on developing core areas that provide low to medium risk drilling opportunities to increase production, reserves and cash flow. Hemisphere's continued growth plan is through drilling existing prospects and executing strategic acquisitions and farm-ins. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME".
HME.V
Re: HME.V
response from my Canadian broker
Hemisphere is cheap and growing nicely (37% production growth last quarter). The balance sheet is fine and drilling is going well.
We think it is attractive for a speculative position right now. However, it is small, and its growth is from a very small base. Its drilling plans for 2014 look good, but there are plenty of risks as well, so caution is advised and we would not have a big position in it just yet.
God Bless
Hemisphere is cheap and growing nicely (37% production growth last quarter). The balance sheet is fine and drilling is going well.
We think it is attractive for a speculative position right now. However, it is small, and its growth is from a very small base. Its drilling plans for 2014 look good, but there are plenty of risks as well, so caution is advised and we would not have a big position in it just yet.
God Bless