Exploration & Production | Production Rates | Drilling Program

Hemisphere Completes Drilling, Awaiting Production at Atlee Buffalo

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Hemisphere Energy Corporation has provided an update on production and the completion of its five well fall drilling program in the Atlee Buffalo and Jenner areas in Southeast Alberta.

Operations Update

Hemisphere has successfully drilled four horizontal development wells in Atlee Buffalo and one vertical test well in Jenner on schedule and within budget.

All four Atlee Buffalo horizontal wells encountered excellent reservoir very similar to the first six wells already on production. The wells have now been completed and are currently in various stages of being tied-in. The vertical well in Jenner has been cased and awaits completion and test operations once field activity is finished in Atlee Buffalo.

All four new horizontal wells in Atlee Buffalo are scheduled to be placed on production by late November 2014. Production results will be provided as they become available.

With 10 new horizontal wells drilled into the property since it was acquired in November 2013, Atlee Buffalo is proving to be very instrumental in the Company's growth.

Hemisphere has been extremely encouraged by the drilling results in Atlee Buffalo and will continue to focus on the area with its 2015 development plans.

Production Update

During the last two weeks, Hemisphere's production rate was approximately 980 barrels of oil equivalent per day (90% oil), based on field estimates.

This represents record corporate production to-date and does not include results from the fall drilling program. Hemisphere is very pleased with the maintained levels of production from its first six horizontal Atlee Buffalo wells which continue to produce at or above expectations.