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Hemisphere Energy Renews Credit, Plans First Atlee Waterflood
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Hemisphere Energy Corporation has announced the renewal of its credit facility.
Following the annual review with its lender, Hemisphere's credit facility will remain at $15.0 million with no changes to covenants or applicable margins on borrowing costs.
Funds available under the credit facility are $14.0 million, with access to the remaining $1.0 million based on additional approval of the lender. As at July 28, 2015, the Company has approximately $10.0 million in net debt.
- Hemisphere has received approval from the Alberta Energy Regulator for its first waterflood pilot scheme in the Atlee Buffalo Upper Mannville F pool and is anticipating first injection by the end of the third quarter.
- The Company expects approval on two additional waterflood pilot projects in Atlee Buffalo early in the fourth quarter.
- In Jenner, Hemisphere plans to add a disposal well by year-end, thereby increasing its water disposal capacity.
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