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Hemisphere Delays Capex, Ops to 3Q Due to Price Volatility; Updates Production

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   |    Thursday,February 07,2019

Hemisphere Energy reported an update on operations as well as its plans for 2019.

2019 - Capex Deferred Until 3Q

In response to the price volatility, Hemisphere has deferred its capital spending program to the third quarter of 2019.

The Company currently has plans to drill up to 16 wells in 2019 if market conditions continue to stabilize near current levels.

Production / Drilling Update

Based on field estimates, corporate production during the period of January 28 to February 4, 2019 averaged approximately 1600 boe/d (96% oil).

Oil production rates are continuing to improve after bringing certain wells back on production that were shut-in through November and December due to extremely low Canadian oil pricing.

In 2018, Hemisphere drilled a total of 14 horizontal wells in the Atlee Buffalo area, of which 11 were drilled as producers and three as injectors. The successful completion of this drilling program has significantly advanced the expansion of both Atlee Buffalo Upper Mannville F and G waterflood pools.

Management has planned a follow up program for this area.



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