Hemisphere Energy Corporation announced the successful tie-in of the 16-2-38-5w5 well on its Sylvan Lake property in central Alberta. The well is producing sweet natural gas from numerous channel sands of the Edmonton Group. Hemisphere Energy has a 100% working interest in the well subject to rights reversion to a non-participating partner after payout. The 16-2-38-5w5 well gives Hemisphere Energy an interest in 10 producing natural gas wells in the Sylvan Lake area and adds to the Company's stable production and reserves.
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 is evaluating 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 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 is evaluating numerous opportunities that complement its producing Trutch and Sylvan Lake properties in western Canada.
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