Hemisphere Energy Corp. (TSXV: HME) reports successful production test results of its recently drilled well in its Jenner property in southeast Alberta.
Hemisphere's first horizontal well of its 2013 drilling program targeted the Glauconitic formation sandstones. The well was placed on test for an 88 hour period. Over the last 24 hours of the test, the well continued to flow up the casing at a stabilized choked pressure of 3,950 kilopascals gauge yielding an average of 145 barrels per day of oil and 1.5 million cubic feet per day of natural gas for a total of 400 barrels of oil equivalent per day. Water cut remained at 1% to 2% through the test and a total of 415 barrels of oil were produced after an initial clean up period.
The well is currently shut-in awaiting tie-in to nearby facilities in order to conserve the gas production. This is the strongest initial production test rate that the company has achieved to-date. The well provides valuable development information of a pool which Hemisphere has not previously produced from.
This is the third well Hemisphere has drilled under a farm-in agreement in the area and earns the company an additional quarter section of land with numerous low risk development drilling locations. Reserves for this well and any additional infill locations are not represented in the Dec. 31, 2012 independent reserves evaluation. Hemisphere has identified three additional highly prospective adjacent quarter sections that are expected to be drilled and subsequently earned in Hemisphere's summer drilling program.
Under the terms of the farm-in agreement, Hemisphere pays 100% of the drilling, completion and tie-in costs of this horizontal well to earn 100% of the production before payout, subject to a convertible overriding royalty.
Hemisphere has drilled 11 consecutive successful Glauconitic horizontal wells in its Jenner property where it has access to more than 30 sections of land, two oil processing facilities and a growing inventory of low risk development drilling locations and medium risk exploration prospects.
Hemisphere Energy Corp. is an independent oil and gas company engaged in the acquisition, exploration, development, and production of petroleum and natural gas assets in western Canada. The company is headquartered in Vancouver, B.C.
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