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Hemisphere Energy Corporation has outlined the results of its year-end independent reserves evaluation in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities as at December 31, 2013.
The independent reserves evaluation covers the twelve month period ended December 31, 2013. During the year Hemisphere drilled and placed on production two horizontal wells, acquired the Atlee Buffalo property and completed upgrades at its main facility in Jenner.
Highlights - December 31, 2013 compared to December 31, 2012
Proved Reserves
- Increased Proved reserves by 57% to 1,272.8 Mboe (90% oil & liquids).
- Increased NPV of Proved reserves by 37% to $24.6 million (before tax, discounted at 10%).
- Reserve replacement of 271%.
Proved plus Probable Reserves
- Increased Proved plus Probable reserves by 64% to 2,073.7 Mboe (89% oil & liquids).
- Increased NPV of Proved plus Probable reserves by 44% to $38.2 million (before tax, discounted at 10%).
- Reserve replacement of 476%.
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