Hemisphere Energy Announces Q2 2017 Financial and Operating Results

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.

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