Hemisphere Energy Corporation (TSXV:HME) is a Canadian oil and gas company focused on increasing oil production and reserves. Hemisphere’s experienced team is dedicated to creating shareholder value through executing strategic acquisitions and farm-ins that provide low-risk drilling opportunities. Hemisphere’s core operations are in the Jenner and Atlee Buffalo areas in southeast Alberta.
Hemisphere’s operations consist of heavy oil assets in the Jenner and Atlee Buffalo areas of southeast Alberta and liquids-rich natural gas assets in the Trutch area of northeast British Columbia. These core areas provide long-term, stable production and development where Hemisphere targets low to medium risk drilling opportunities for production and reserve growth.
So What Have They Done?
- Assembled Geographically Focused Foundation Assets in Southeast Alberta; Jenner and Atlee Buffalo:
- Jenner: 8 oil pools defined by 3D seismic with 30+ low-risk drilling locations
- Atlee Buffalo: 50-60 MMbbl OOIP across 2 Glauconitic pools with <5% recovery to date
- Built a Portfolio of 50+ drill-ready development locations with ability to increase inventory 2x
- Wells cost approximately $1.0-$1.15 million all in
- NPV10 of $1.6-$2.3 million with 11-14 month paybacks and >90% IRR
- Hemisphere recently completed two development drilling programs;
- Summer drilling program of 5 horizontal wells was successfully executed on schedule and ~10% below budget
- Fall drilling program of 4 horizontal wells and 1 vertical well was successfully executed on schedule
What Are the Next Steps?
- Repeat success within foundation assets:
- Jenner: Build off extensive track record of drilling and operating execution
- Atlee Buffalo: Continue aggressive development and production growth with next drill program
- Drill-focused capital program:
- Complete and tie-in operations of fall drilling program (4 Hz wells and 1 Vt test well; 13 total in 2014)
- Planning and finalizing 2015 drill programs
President and CEO: Don Simmons, B.Sc., P.Geol.
Mr. Simmons has extensive experience in petroleum geology and a proven track record of discovering oil and gas in Western Canada and internationally. Initially, Mr. Simmons served as the Company’s Vice President Exploration and became President and Chief Executive Officer in February 2008. Prior to joining Hemisphere, Mr. Simmons was a Geologist at a private oil and gas company, Sebring Energy, until its sale in 2007. Prior thereto, he spent five years with EnCana working on various projects in southeast Alberta and Ecuador. Mr. Simmons holds a Bachelor of Science degree in Geological Sciences from Queen’s University and is a member of the Association of Professional Engineers and Geoscientists of Alberta.
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