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Hemisphere Energy Announces Q2 2017 Financial and Operating Results
Aug. 23, 2017 08:40AM PST
Energy InvestingHemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) announces its financial and operating results for the three and six months ended June 30, 2017. As quoted in the press release: Q2 2017 Highlights Achieved quarterly average production of 600 boe/d (92% oil), a 22% increase over the second quarter of 2016. Increased revenue by 67% …
Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) announces its financial and operating results for the three and six months ended June 30, 2017.
As quoted in the press release:
Q2 2017 Highlights
Achieved quarterly average production of 600 boe/d (92% oil), a 22% increase over the second quarter of 2016.
Increased revenue by 67% to $2.4 million compared to $1.4 million for the second quarter of 2016.
Increased operating netbacks, including gains on commodity contracts, to $20.09/boe, an increase of 55% from the second quarter of 2016.
Generated funds flow from operations of $598,078 ($0.01/share), an increase of 274% over the second quarter of 2016.
Constructed a pipeline at the Atlee Buffalo F pool to allow better distribution of produced water to all of the injectors at the Company’s waterflood project.
Renewed the Company’s credit facility with no changes to covenants and applicable margins on borrowing costs.
Raised $1.1 million of development flow-through equity to drill up to two additional wells in Atlee Buffalo by year-end.
Achieved a Corporate Liability Management Ratio (“LMR”) with the Alberta Energy Regulator of 4.84 at the end of the second quarter 2017.
