Hemi Energy Group announced that on October 15, 2008, it completed the previously announced sale of its Wyoming leases. Net proceeds to Hemi, after expenses and other customary adjustments, were $475,000. Net proceeds will be used to continue developmental drilling programs in Woodson County, Kansas.
Keith A. Anderson, Hemi's President and CEO, stated, "Hemi is continuing to liquidate our non-core lease acreage, in order to strengthen our cash reserves, remain a debt free operating company while focusing our energy and capital on developmental activities with our core leases in Woodson County, Kansas."
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