On May 22, Hemisphere Energy Corp. (TSXV: HME.V) detailed its financial and operating results for first-quarter 2014, which ended March 31.

The net income for the quarter was C$847,909, or one cent per share, Hemisphere said.

Hemisphere had about $3.6 milion in petroleum and natural gas revenue, up from first-quarter 2013’s roughly $2 million, the company said.

The company’s capex had increased to about $4.4 million, up from nearly $1.6 million in first-quarter 2013, Hemisphere said. These amounts included acquisitions, Hemisphere noted.

The company had net debt of about $9.5 million, up from nearly $4.7 million in first-quarter 2013, the company said.

Commodity sale prices had increased from first-quarter 2013, the company said. Per barrel (bbl), oil stood at $76.90, compared with first-quarter 2013’s $59.12/bbl. Per thousand cubic feet (Mcf), natural gas stood at $4.42/Mcf compared with $3.42/Mcf, Hemisphere added.

During the quarter, about 567 barrels of oil equivalent per day, 86% of it oil and NGL, was produced, the company said. This was a 37% increase from first-quarter 2013, the company added.

The company intends to expand its drilling program and facility plans for the rest of the year, it said, noting that developments in Atlee Buffalo and Jenner remain a focus, and that $10 million in gross proceeds from a bought deal equity financing will be used to bolster the capex for those projects.

Vancouver, British Columbia-based Hemisphere Energy Corp. develops oil and natural gas in western Canada.