Hemisphere Energy Corporation (TSXV:HME) announced its development plans for the first quarter of 2018.
Hemisphere Energy Corporation (TSXV:HME) announced its development plans for the first quarter of 2018, as well as an increase to its term loan.
As quoted in the press release:
Hemisphere has amended its credit agreement with its third-party lender in order to increase the commitment amount available to Hemisphere on its multi-draw, non-revolving term loan facility (the “Term Loan”) by US$5.0 million, bringing the aggregate amount committed by the lender under the Term Loan to US$20.0 million. The Term Loan has a maximum aggregate principal commitment amount of up to US$35.0 million with a maturity date of September 15, 2022.
During the first quarter of 2018, Hemisphere is continuing the momentum built from its successful fall drilling program to further develop its Atlee Buffalo oil assets. With the recent addition of a centralized oil facility to separate and re-inject produced water in the Upper Mannville G pool, the Company plans to drill three additional wells including one producer and two injectors. The producing well will be drilled into the thickest part of the pool in an area with recently added injection, and the two water injectors will provide pressure maintenance for a substantial drilling program of producers in the future.