ENP Newswire -
Release date- 28082014 -
Q2 2014 Achievements and Financial Highlights
Achieved quarterly average production of 553 boe/d (82% oil and NGL), a 36% increase over the second quarter in 2013.
Generated a record
Increased funds flow from operating activities by 83% to
Achieved net income of
Increased operating netback to
Decreased operating and transportation expenses by 10% to
Closed a bought-deal equity financing for gross proceeds of
Installed a solution gas compressor at the Company's main production facility in
Closed an acquisition in the Atlee Buffalo area which included an 85% working interest in 1.75 sections (1,120 acres) of land adjacent to the Company's existing land base.
Successfully executed the largest drilling program in the Company's history, with five horizontal wells in the Atlee Buffalo area.
Based on field estimates, over the first three weeks of
Selected financial and operational highlights should be read in conjunction with Hemisphere's condensed interim Financial Statements and related Management's Discussion and Analysis for the three and six months ended
Hemisphere is a producing oil and gas company focused on developing core areas that provide low to medium risk drilling opportunities to increase production, reserves and cash flow. Hemisphere's continued growth plan is through drilling existing prospects and executing strategic acquisitions and farm-ins. Hemisphere trades on the
President & Chief Executive Officer
Tel: (604) 685-9255
Tel: (403) 619-2200
This news release contains 'forward-looking statements' that are based on Hemisphere's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding Hemisphere's outlook for our future operations, plans and timing for the commencement or advancement of exploration and development activities on our properties, and other expectations, intention and plans that are not historical fact.
The words 'estimates', 'projects', 'expects', 'intends', 'believes', 'plans', or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Hemisphere.
Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by Hemisphere will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Hemisphere disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Most Popular Stories
- Bently Creates Alabama Small Business Commission
- California King Fire Roars Out of Control
- Mercedes Rolls Out S550 Plug-in Hybrid
- Is Alibaba's IPO Price a Fairytale?
- Kardashian: Kanye Never Told Fan in Wheelchair to Stand Up
- SBA Kicks off Hispanic Heritage Month
- CalPERS Pulls Out of Hedge Funds
- Poverty Rate Drops for First Time Since 2006
- Two-thirds of Hispanics Doubt Media Accuracy
- U.S. Tobacco Growers Lose Last of Price Supports