Vancouver, British Columbia–(Newsfile Corp. – November 14, 2019) – Hemisphere Energy Corporation (TSXV: HME) (“Hemisphere” or the “Company”) announces its financial and operating results for the three months and nine months ended September 30, 2019. Q3 2019 HIGHLIGHTS Achieved record revenue of $8.2 million, a 40% increase over the third quarter of 2018. Realized record quarterly funds flow from operations of $3.6 million, a 157% increase over the third quarter of 2018. Increased average quarterly production to a record 1,738 boe/d (96% oil), a 51% increase as compared to the third quarter of 2018. Increased operating netback by 31% to $30.64/boe, as compared to the third quarter of 2018. Reduced operating and transportation costs by 13% to $11.82/boe, as compared to the third quarter of 2018. Reduced net general and administration costs by 18% to $3.02/boe, as compared to the third quarter of 2018. Completed an 11 well drilling program and facility upgrades with $6.4 million in capital expenditures. Repurchased and canceled 475,000 shares under the Company’s Normal Course Issuer Bid (“NCIB”). Increased Hemisphere’s corporate Liability Management Ratio (LMR) with the Alberta Energy Regulator to 9.77 as of September 2019. CORPORATE UPDATE Hemisphere delivered both financial and operational success […]
