Hemi Energy Group, Inc. has entered into definitive divestiture agreement with a private equity group, regarding the Company's Immigrant Gap lease acreage, located in Natrona County Wyoming. This transaction is scheduled to close on or before October 15, 2008.
President and CEO Keith A. Anderson said, "The divestiture of the Immigrant Gap property will allow the Company to fund and execute a multi well Horizontal drilling program on our Woodson County KS properties. The Company has determined thought extensive evaluation of current vertical well performance and review of geological reports that a horizontal drilling program should yield better results when compared to conventional drilling techniques. To the best of my knowledge, horizontal drilling has not been utilized in the Humboldt Chanute oil field. Horizontal Drilling has been instrumental in unlocking reserves, once thought impractical, for instance The Bakken field in North Dakota, the Barnett and Fayetteville Shale's in Texas and Arkansas and the Austin Chalk in South Texas. We know we have a large reservoir of petroleum in place covering our Woodson County leases, we are optimistic directional drilling will yield exceptional results of these proved reserves. We will be employing the first available Texas or Oklahoma based drilling company to conduct this project and we anticipate spudding the well in the next 30 to 90 days."
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