Hemisphere Energy drills two successful oil wells
Thursday, Nov 15, 2012
Hemisphere Energy Corporation (“Hemisphere” or the “Company”) (TSX-V: HME) is pleased to announce it has successfully drilled two additional oil wells in Jenner, southeast Alberta. Hemisphere commenced the drilling of these wells in late September 2012 resulting in one horizontal well and one vertical well that targeted the oil-bearing sandstones of the Glauconitic formation.
The horizontal well has been producing since October 31, 2012 averaging approximately 140 barrels of oil per day (“bopd”) with a 0% water cut.
This is the first horizontal well drilled in this pool and the Company plans to follow up its success with several more wells. Well licensing has been completed for two additional wells at this time.
The vertical well was Hemisphere’s initial earning well under its Jenner farm-in agreement announced in June 2012. It is anticipated that production will commence by the end of November. This well earns the Company a ¼ section and extends the rolling option to drill and earn up to a total of 6.50 sections within the Jenner area.
In October 2012, Hemisphere acquired a new 3D seismic program over additional farm-in lands. The 3D data is currently being processed and will be used for selecting additional locations for Hemisphere’s 2013 drilling program.
Hemisphere plans to drill up to three additional horizontal wells before year-end, with the first well spudding in late November.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is an exploration and production company focused on developing core areas that provide low to medium risk drilling opportunities to increase production, reserves and funds 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 under the symbol “HME”.
Source: Hemisphere Energy Corporation
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