Through this acquisition, the company acquired production of about 25 barrels of oil per day, associated facilities and infrastructure and 100% working interest in 2,600 acres of land.
The acquisition also includes a 3D seismic survey that covers a portion of the acquired lands.
Hemisphere said that the Jenner property provides the company with an opportunity to increase oil production through the drilling of development wells and the optimization of existing wellbores.
Hemisphere has already identified and licensed one drilling location on the new lands and plans to select and license several more drilling locations targeting previously identified oil prospects.
The acquisition is strategically aligned with the company’s focus of establishing core areas to grow oil production in southeast Alberta.
These core areas have multiple zones of potential that provide low to medium risk drilling opportunities that will increase Hemisphere’s production, reserves and cash flow.
