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Hemisphere to Develop Water Facility at Atlee Asset; Plans One Well
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Hemisphere Energy Corporation announces its financial and operating results for the three months ended March 31 , 2016.
Q1 2016 Highlights: Achieved quarterly production averaging 508 boe/d (81% oil). With all three designed waterflood pilot projects completed in the Atlee Buffalo F pool, the Company is now planning to construct a water handling facility in Atlee Buffalo . Realized a $2.73 /boe operating netback with a challenging commodity price environment and an average WTI price of $33.45 ($US/bbl). Reduced operating costs to $11.45 /boe, a 15% decrease from the fourth quarter of 2015, due to the voluntary shut-in of higher cost wells and the implementation of strict cost control measures. Significantly reduced general and administration costs to $5.42 /boe, a decrease of 34% from…- ✓ Full news archive — U.S., Canada & international coverage
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