TSX-V: HME
VANCOUVER, Feb. 1, 2018 /CNW/ - Hemisphere Energy
Corporation (TSX-V: HME) ("Hemisphere" or the "Company") is pleased
to announce an increase to its term loan and subsequent development
plans for the first quarter of 2018.
Term Loan
Hemisphere has amended its credit agreement with its third-party
lender in order to increase the commitment amount available to
Hemisphere on its multi-draw, non-revolving term loan facility (the
"Term Loan") by US$5.0 million,
bringing the aggregate amount committed by the lender under the
Term Loan to US$20.0 million. The
Term Loan has a maximum aggregate principal commitment amount of up
to US$35.0 million with a maturity
date of September 15, 2022.
2018 Plans
During the first quarter of 2018, Hemisphere is continuing the
momentum built from its successful fall drilling program to further
develop its Atlee Buffalo oil
assets. With the recent addition of a centralized oil
facility to separate and re-inject produced water in the Upper
Mannville G pool, the Company plans to drill three additional wells
including one producer and two injectors. The producing well will
be drilled into the thickest part of the pool in an area with
recently added injection, and the two water injectors will provide
pressure maintenance for a substantial drilling program of
producers in the future.
Investor Relations
Hemisphere is participating in the World Outlook Financial
Conference being held at the Westin Bayshore in Vancouver, British Columbia on February 2 and 3, 2018. Mr. Don Simmons, President and Chief Executive
Officer, will be making a presentation on the Company at the VIP
breakfast being held on February 3. For further information,
including the conference agenda, please visit
www.moneytalks.net/events/world-outlook-conference-2018. A
copy of the Company's presentation will be available on the
Company's website at www.hemisphereenergy.ca.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing oil and gas company
focused on developing conventional oil assets with low risk
drilling opportunities. Hemisphere plans continual growth in
production, reserves, and cash flow by focusing on existing assets
with significant growth potential and executing strategic
acquisitions. Hemisphere trades on the TSX Venture Exchange
as a Tier 1 issuer under the symbol "HME".
Forward-looking Statements
This news release contains "forward-looking statements" that
are based on Hemisphere's current expectations, estimates,
forecasts and projections. The words "estimates", "projects",
"expects", "intends", "believes", "plans", or their negatives or
other comparable words and phrases are intended to identify
forward-looking statements and include statements regarding
Hemisphere's plans for its first quarter 2018 development drilling
program and the timing thereof; the operational developments
anticipated to result from the planned drilling program and other
expectations, intentions, and plans that are not historical
fact.
Forward‐looking statements are based on a number of material
factors, expectations, or assumptions of Hemisphere which have been
used to develop such statements and information but which may prove
to be incorrect. Although Hemisphere believes that the expectations
reflected in such forward‐looking statements or information are
reasonable, undue reliance should not be placed on forward‐looking
statements because Hemisphere can give no assurance that such
expectations will prove to be correct. In addition to other factors
and assumptions which may be identified herein, assumptions have
been made regarding, among other things: that Hemisphere will
continue to conduct its operations in a manner consistent with past
operations; results from drilling and development activities are
consistent with past operations; the quality of the reservoirs in
which Hemisphere operates and continued performance from existing
wells; the continued and timely development of infrastructure in
areas of new production; the accuracy of the estimates of
Hemisphere's reserve volumes; certain commodity price and other
cost assumptions; continued availability of debt and equity
financing and cash flow to fund Hemisphere's current and future
plans and expenditures; the impact of increasing competition; the
general stability of the economic and political environment in
which Hemisphere operates; the general continuance of current
industry conditions; the timely receipt of any required regulatory
approvals; the ability of Hemisphere to obtain qualified staff,
equipment and services in a timely and cost efficient manner;
drilling results; the ability of the operator of the projects in
which Hemisphere has an interest in to operate the field in a safe,
efficient and effective manner; field production rates and decline
rates; the ability to replace and expand oil and natural gas
reserves through acquisition, development and exploration; the
timing and cost of pipeline, storage and facility construction and
expansion and the ability of Hemisphere to secure adequate product
transportation; future commodity prices; currency, exchange and
interest rates; regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which Hemisphere
operates; and the ability of Hemisphere to successfully market its
oil and natural gas products.
The forward‐looking information and statements included in
this news release are not guarantees of future performance and
should not be unduly relied upon. Such information and statements,
including the assumptions made in respect thereof, involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to defer materially from those anticipated
in such forward‐looking information or statements including,
without limitation: changes in commodity prices; changes in the
demand for or supply of Hemisphere's products, the early stage of
development of some of the evaluated areas and zones; unanticipated
operating results or production declines; changes in tax or
environmental laws, royalty rates or other regulatory matters;
changes in development plans of Hemisphere or by third party
operators of Hemisphere's properties, increased debt levels or debt
service requirements; inaccurate estimation of Hemisphere's oil and
gas reserve volumes; limited, unfavourable or a lack of access to
capital
markets; increased costs; a lack of adequate insurance
coverage; the impact of competitors; and certain other risks
detailed from time‐to‐time in Hemisphere's public disclosure
documents, (including, without limitation, those risks identified
in this news release and in Hemisphere's Annual Information
Form).
The forward‐looking information and statements contained in
this news release speak only as of the date of this news release,
and Hemisphere does not assume any obligation to publicly update or
revise any of the included forward‐looking statements or
information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
Definitions and Abbreviations
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Hemisphere Energy Corporation
