Hemisphere Energy announced the successful re-completion of an Edmonton Sands natural gas well on its Sylvan Lake property in central Alberta. Pressure recorders have been retrieved from the wellbore and are being evaluated to determine the level of well productivity. The Company anticipates the tie-in of the well in early 2010. Upon tie-in of this well Hemisphere Energy will have an interest in 10 producing wells in the Sylvan Lake area and is actively pursuing additional opportunities in the region.
Hemisphere Energy has attained its operator's licence for the province of Alberta, which provides the Company the ability to perform oil and gas operations on its existing property in Sylvan Lake as well as new project areas.
Hemisphere Energy currently has production from 4 Halfway natural gas wells on its Trutch property in northeast British Columbia. The Company continues to monitor horizontal drilling and multi-stage fracture completion techniques in the area to enhance the development of the Halfway formation on this property. Hemisphere Energy continues to evaluate the potential on its land base as recent drilling success has occurred in the area from the Slave Point and Debolt formations, which are deeper than the Halfway formation.
Hemisphere Energy currently has an inventory of numerous low risk development drilling locations within its Trutch and Sylvan Lake properties. The Company focuses on developing projects with low risk drilling opportunities, multiple zones of potential and long-life reserves that will continue to increase the Company's production, reserves and cash flow.
Hemisphere Energy's management and board view the market conditions as providing an excellent opportunity to aggressively pursue value-added acquisitions and farm-ins. The Company continues to evaluate numerous opportunities that complement its producing Trutch and Sylvan Lake properties in western Canada.
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