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Hemisphere Energy Announces Closing of Wainwright Property Acquisition
Feb. 28, 2011 11:16AM PST
Oil and Gas InvestingHemisphere Energy Corporation (CVE:HME) reports that it has closed the acquisition of the producing property in the Wainwright area of southeastern Alberta.
The press release is quoted as saying:
The property includes 435 net acres of land and 68.75% of one producing Colony formation natural gas well. The well has a current production rate of approximately 175 mcf/d (29 boe/d) gross or 120 mcf/d (20 boe/d) net to the company.
The Wainwright property acquisition is aligned with Hemisphere’s strategy of focusing on building and developing core areas with multiple zones of potential that provide low to medium risk drilling opportunities to increase Hemisphere Energy’s production, reserves and cash flow.
Click here to access the entire news release.
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