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Hemisphere Energy Corp

Published : September 22nd, 2018

Announces Production

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Hemisphere Energy Announces Production Growth and Completion of Successful Summer Drilling Program

TSX-V: HME

VANCOUVER, Sept. 18, 2018 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) ("Hemisphere" or the "Company") is pleased to provide an update on its recent field operations. 

Hemisphere has successfully completed the drilling component of its 11 well summer program, of which 10 wells will be produced and one well used as a water injector at this time.

Based on field estimates, corporate production has averaged approximately 1430 boe/d (98% oil) during the week of September 8-14 as wells have gradually been turned on through the month. The final two new wells are scheduled to be on production by the end of September, with pump speeds and oil rates expected to be further optimized at all of the Company's wells into October.

The Company recently completed an expansion at its Atlee Buffalo Upper Mannville F pool facility by adding a heated free water knockout to enhance water separation and oil treating capacity. Hemisphere is also currently adding throughput at the Upper Mannville G pool facility by installing a SKUD (inclined free water knockout) and oil treater. The facility is presently causing production restrictions, and with the expansion planned to be complete by mid-October, management expects additional growth in production rates from this pool through the fourth quarter.

"This is just the start of the growth we expect to see from this drilling program," says Don Simmons, CEO of Hemisphere Energy. "The wells look great and the waterflood is working. Once the new facility work is complete, it will be exciting to see what our pools are capable of."

Hemisphere will continue to provide operational updates on corporate production growth as additional wells are brought on and facility debottlenecking work is finalized.

Please see our website at www.hemisphereenergy.ca for the company's updated corporate presentation.

About Hemisphere Energy Corporation

Hemisphere Energy Corporation is a producing oil and gas company focused on the development of low risk conventional oil assets for minimal capital exposure by drilling known pools of oil and optimizing waterflood projects. Hemisphere plans continued growth in production, reserves, and cash flow by drilling existing projects and executing strategic acquisitions.  Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME".

Forward-looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements regarding Hemisphere's expectation that pump speeds and oil rates will be further optimized at all of the Company's wells into October, management's expectation that it will see additional growth in production rates from the Atlee G pool through the fourth quarter once the facility expansion work is completed, its plans for continual growth in production, reserves, and cash flow by drilling existing projects and executing strategic acquisitions and the expected growth to result from the Company's 2018 summer drilling program.

Forward-looking statements are based on a number of material factors, expectations, or assumptions of Hemisphere which have been used to develop such statements but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Hemisphere will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities are consistent with past operations; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Hemisphere's reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products.

The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Hemisphere's products, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere's properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere's oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Hemisphere's public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere's Annual Information Form). 

The forward-looking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Oil and Gas Advisories

A barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.  

Definitions and Abbreviations

boe/d

barrel of oil equivalent per day



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Hemisphere Energy Corporation

For further information:

Don Simmons, President & Chief Executive Officer, Telephone: (604) 685-9255, Email: info@hemisphereenergy.ca; Scott Koyich, Investor Relations, Telephone: (403) 619-2200, Email: scott@briscocapital.com

This information is being distributed to you by / Cette information vous est transmise par : Hemisphere Energy Corporation

1055-2000 West Hastings St., Vancouver, BC, V6E 2E9, Canada
www.hemisphereenergy.ca

If you wish to stop receiving these types of messages from us, you can at any time. / Si vous ne souhaitez plus recevoir ce type de messages de notre part, vous pouvez vous � tout moment.

.

Hemisphere Energy Corp

CODE : HME.V
ISIN : CA4236301020
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Contact Cpy

Hemisphere Energy is a silver and gold exploration company based in Canada.

Hemisphere Energy produces silver, gold, in Canada, and holds various exploration projects in Canada.

Its main asset in production is JENNER in Canada and its main exploration properties are ELK 1 (DESTAFFANY MINE), FALCON LAKE TANTALUM and NORTHSTAR-KAZA in Canada.

Hemisphere Energy is listed in Canada and in United States of America. Its market capitalisation is CA$ 154.4 millions as of today (US$ 113.4 millions, € 101.9 millions).

Its stock quote reached its highest recent level on March 25, 2005 at CA$ 9.30, and its lowest recent point on December 24, 2008 at CA$ 0.04.

Hemisphere Energy has 85 750 000 shares outstanding.

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Financings of Hemisphere Energy Corp
1/26/2013Closes Final Tranche of Private Placement
10/27/2011Announces Flow-Through Private Placement
8/30/2011Receives Proceeds from Warrant Exercise
5/4/2011Closes Private Placements
12/1/2010Announces Flow-Through Private Placement
12/23/2009Closes Private Placement and Provides Sylvan Lake Operationa...
12/14/2009Announces Private Placement and Provides Operational Update
12/2/2009Closes First Tranche of Private Placement and Attains Albert...
11/4/2009Announces Private Placement
9/28/2009Announces Intention to Amend Terms of Share Purchase Warrant...
12/15/2008Closes First Tranche of Private Placement
Nominations of Hemisphere Energy Corp
5/27/2011Announces Appointment of Vice-President of Engineering and G...
10/11/2007 Appoints Vice President Exploration
Financials of Hemisphere Energy Corp
11/19/2013Announces Third Quarter 2013 Results
8/27/2013Announces Second Quarter 2013 Results
5/28/2013Announces First Quarter 2013 Results
1/17/2013Announces Positive Third Quarter Results and Operations Upda...
10/30/2012Announces Second Quarter Financial and Operating Results
1/31/2012Reports Third Quarter 2011 Results
Project news of Hemisphere Energy Corp
1/28/2014Completes Initial 2014 Drilling Program
1/6/2014Commences Winter Drilling Program
4/25/2013Files Amended and Restated Business Acquisition Report
7/10/2012(Jenner)Commences Summer Drilling Program in Jenner
4/18/2012(Jenner)Announces 206 BOPD Production Rate from Horizontal Well on J...
3/13/2012Completes Drilling and Commences Completion and Tie-in of We...
1/25/2012(Jenner)Announces New Farm-in on Jenner Property
1/10/2012Announces 207 BOPD Production Rate From Third Horizontal Wel...
10/24/2011(Jenner)Commences Drilling Program in Jenner
7/21/2011(Jenner)Announces Initial Production Rate From First Horizontal Well...
7/5/2011(Jenner)Proceeds With Tie-in of First Horizontal Well in Jenner Prop...
6/29/2011(Jenner)Completes Drilling and Commences Completion of First Horizon...
6/28/2011Releases Reserve Reports
6/14/2011(Jenner)Commences Drilling on Jenner Property in Southeast Alberta
6/8/2011Announces Trutch Property Acquisition
4/1/2011(Jenner)Closes Jenner Oil Property Acquisition
3/16/2011(Jenner)Acquires Jenner Oil Property
2/28/2011(Wainwright)Announces Closing of Wainwright Property Acquisition
7/27/2010Closes Acquisition of Natura
Corporate news of Hemisphere Energy Corp
7/12/2016Hemisphere Energy Announces Closing of its Private Placement...
6/29/2016Hemisphere Energy Announces Closing of the First Tranche of ...
6/13/2016Hemisphere Energy Announces Results of Annual General and Sp...
6/8/2016Hemisphere Energy Announces Non-Brokered Private Placement o...
5/30/2016Hemisphere Energy Announces Q1 2016 Financial & Operating Re...
4/28/2016Hemisphere Energy Announces Year-End 2015 Financial and Oper...
11/3/2015Hemisphere Energy Provides Operational and Corporate Update
9/18/2015Hemisphere Energy Announces Change in Auditor
9/17/2015Hemisphere Energy Announces Change in Auditor
7/28/2015Hemisphere Energy Renews $15.0 million Credit Facility
4/22/2015Hemisphere Energy Announces Year-End 2014 Financial and Oper...
4/21/2015Hemisphere Energy Announces Plan to Restate Audited Financia...
3/11/2015Hemisphere Energy Announces a 61% Increase in 2014 Reserves
3/11/2015Hemisphere Energy Announces a 61% Increase in 2014 Reserves
1/29/2015Hemisphere Energy Grants Incentive Stock Options
1/29/2015Hemisphere Energy Grants Incentive Stock Options
1/28/2015Hemisphere Energy Exceeds 1,000 boe/d and Provides Operation...
12/9/2014Hemisphere Energy Receives 40% Increase to Credit Facility
11/18/2014Hemisphere Energy Announces Q3 2014 Financial and Operating ...
10/28/2014Hemisphere Energy Provides Operations and Production Update
10/8/2014Hemisphere Energy Appoints New Director
9/29/2014Hemisphere Energy Grants Incentive Stock Options
9/22/2014Hemisphere Energy Achieves Record Production and Commences F...
9/9/2014Hemisphere Energy Appoints Chief Operating Officer and Vice ...
8/27/2014Hemisphere Energy Announces Q2 2014 Financial and Operating ...
8/26/2014Hemisphere Energy Announces Results of First Two Wells From ...
7/23/2014Hemisphere Energy Closes Atlee Buffalo Acquisition and Compl...
6/27/2014Hemisphere Energy Acquires Additional Land in Atlee Buffalo
6/27/2014Hemisphere Energy Acquires Additional Land in Atlee Buffalo
6/13/2014Hemisphere Energy Corporation - Archive Webcast of June 11, ...
6/9/2014Hemisphere Energy Announces Results of Annual General and Sp...
6/5/2014Hemisphere Energy Kicks Off 5 Well Summer Drill Program
5/28/2014Hemisphere Energy Announces Increased 2014 Drilling Plans
4/1/2014Hemisphere Energy Announces 64% Increase in Proved Plus Prob...
2/20/2014Announces 80 BOPD From First Atlee Buffalo Well
11/18/2013Closes Atlee Buffalo Acquisition and Reports Record Producti...
10/16/2013to Acquire Oil Assets in Southeast Alberta
10/15/2013Provides Operational Update
9/9/2013(Jenner)Tests 357 Boe/d Well in Jenner
6/11/2013Announces Results of Annual General Meeting
6/5/2013to Present at EPAC Oil & Gas Investor Showcase
5/14/2013Graduates to Tier 1 of the TSX Venture Exchange
4/24/2013Announces Increased Credit Facility
4/11/2013Announces Substantial Growth in 2012
4/9/2013(Jenner)Tests 400 boe/d Well in Jenner
3/21/2013Announces 90% Increase to Proved Reserves in 2012
11/14/2012Drills Two Successful Oil Wells
9/5/2012Drills Two Successful Oil Wells Adding 197 bopd
8/20/2012Announces Results of Annual General and Special Meeting of
7/25/2012Announces FirstQuarter Financial and Operating Results
6/26/2012Announces Year-End Financial and Reserves Results
6/19/2012Enters Into Seismic Option Agreement and Provides Operationa...
3/5/2012(Jenner)Spuds Farm-in Commitment Well at Jenner
1/30/2012(Jenner)Closes Brokered Private Placement and Strategic Jenner Oil P...
12/8/2011(Jenner)Announces Jenner Oil Property Acquisition and Brokered Priva...
12/6/2011(Jenner)Spuds Horizontal Oil Well at Jenner
9/7/2011Announces Results of Annual General Meeting
3/31/2011Announces $1,540,000 in Private Placements
11/4/2008Announces Trutch Winter Drilling Program
7/7/2008Annual Financial & Reserve Results on SEDAR
12/11/2007FIRST GAS WELL OF THE SEASON
11/15/2007FIRST GAS WELL OF THE SEASON LICENSED
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