STOCK TITAN

Hemisphere Energy Announces 2024 Third Quarter Results, Declares Quarterly Dividend, and Provides Operations Update

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends earnings

Hemisphere Energy reported strong Q3 2024 results with production reaching 3,621 boe/d (99% heavy oil), an 18% increase year-over-year. Revenue grew 10% to $26.7 million, with operating netback of $15.4 million. The company invested $9.9 million in capital expenditures, drilling eight successful wells in Atlee Buffalo, Alberta. Financial highlights include adjusted funds flow of $11.7 million and a positive working capital of $6.5 million. The company declared both regular ($0.025/share) and special ($0.03/share) dividends, while continuing share buybacks under its NCIB program. Polymer floods in Atlee Buffalo showed strong performance, though Q4 production may be temporarily affected by maintenance activities.

Hemisphere Energy ha registrato risultati solidi nel terzo trimestre del 2024, con una produzione che ha raggiunto 3.621 boe/g (99% petrolio pesante), con un aumento del 18% rispetto all'anno precedente. I ricavi sono aumentati del 10% a 26,7 milioni di dollari, con un netback operativo di 15,4 milioni di dollari. L'azienda ha investito 9,9 milioni di dollari in spese in conto capitale, perforando otto pozzi di successo a Atlee Buffalo, Alberta. I punti salienti finanziari includono un flusso di fondi rettificato di 11,7 milioni di dollari e un capitale circolante positivo di 6,5 milioni di dollari. L'azienda ha dichiarato dividendi ordinari ($0,025 per azione) e speciali ($0,03 per azione), continuando contemporaneamente il riacquisto di azioni nell'ambito del suo programma NCIB. Le iniezioni di polimeri ad Atlee Buffalo hanno mostrato buone performance, sebbene la produzione del quarto trimestre possa essere temporaneamente influenzata da attività di manutenzione.

Hemisphere Energy informó resultados sólidos en el tercer trimestre de 2024, con una producción que alcanzó 3,621 boe/d (99% petróleo pesado), un aumento del 18% interanual. Los ingresos crecieron un 10% a 26.7 millones de dólares, con un netback operativo de 15.4 millones de dólares. La compañía invirtió 9.9 millones de dólares en gastos de capital, perforando ocho pozos exitosos en Atlee Buffalo, Alberta. Los aspectos financieros destacados incluyen un flujo de fondos ajustado de 11.7 millones de dólares y un capital de trabajo positivo de 6.5 millones de dólares. La compañía declaró dividendos regulares ($0.025/acción) y especiales ($0.03/acción), mientras continúa con la recompra de acciones bajo su programa NCIB. Las inyecciones de polímero en Atlee Buffalo mostraron un buen rendimiento, aunque la producción en el cuarto trimestre puede verse temporalmente afectada por actividades de mantenimiento.

Hemisphere Energy는 2024년 3분기 동안 3,621 boe/d (99% 중유)로 생산량이 증가하여 작년 대비 18% 증가한 견고한 실적을 보고했습니다. 수익은 10% 증가하여 2,670만 달러에 도달했으며, 운영 순이익은 1,540만 달러입니다. 이 회사는 알버타주 아틀리 버팔로에서 8개의 성공적인 유정을 굴착하는 데 990만 달러를 자본 지출로 투자했습니다. 재무 하이라이트로는 조정된 자금 흐름이 1,170만 달러이고, 긍정적인 운영 자본은 650만 달러입니다. 이 회사는 정기 배당금($0.025/주)과 특별 배당금($0.03/주)을 선언했으며, 동시에 NCIB 프로그램에 따라 자사주 매입을 계속하고 있습니다. 아틀리 버팔로에서의 폴리머 주입은 좋은 성과를 보였지만, 4분기 생산은 유지보수 작업에 의해 일시적으로 영향을 받을 수 있습니다.

Hemisphere Energy a annoncé des résultats solides pour le troisième trimestre 2024, avec une production atteignant 3 621 boe/j (99 % de pétrole lourd), soit une augmentation de 18 % par rapport à l'année précédente. Les revenus ont augmenté de 10 % pour atteindre 26,7 millions de dollars, avec un bénéfice net opérationnel de 15,4 millions de dollars. L'entreprise a investi 9,9 millions de dollars en dépenses d'investissement, en forant huit puits avec succès à Atlee Buffalo, Alberta. Les points forts financiers incluent un flux de fonds ajusté de 11,7 millions de dollars et un fonds de roulement positif de 6,5 millions de dollars. L'entreprise a déclaré des dividendes réguliers ($0,025/action) et spéciaux ($0,03/action), tout en poursuivant les rachats d'actions dans le cadre de son programme NCIB. Les inondations de polymères à Atlee Buffalo ont montré de bonnes performances, bien que la production au quatrième trimestre pourrait être temporairement affectée par des activités de maintenance.

Hemisphere Energy berichtete über starke Ergebnisse im dritten Quartal 2024, wobei die Produktion 3.621 boe/d (99% Schweröl) erreichte, was einem Anstieg von 18% im Vergleich zum Vorjahr entspricht. Der Umsatz wuchs um 10% auf 26,7 Millionen Dollar, mit einem operativen Nettogewinn von 15,4 Millionen Dollar. Das Unternehmen investierte 9,9 Millionen Dollar in Investitionsausgaben und bohrte acht erfolgreiche Brunnen in Atlee Buffalo, Alberta. Zu den finanziellen Höhepunkten gehören ein korrigierter Geldfluss von 11,7 Millionen Dollar und ein positiver Betriebskapital von 6,5 Millionen Dollar. Das Unternehmen erklärte sowohl reguläre ($0,025/Aktie) als auch Sonderdividenden ($0,03/Aktie) und setzte gleichzeitig den Aktienrückkauf im Rahmen seines NCIB-Programms fort. Die Polymerfluten in Atlee Buffalo zeigten eine gute Leistung, obwohl die Produktion im vierten Quartal vorübergehend von Wartungsaktivitäten betroffen sein könnte.

Positive
  • 18% production increase to 3,621 boe/d year-over-year
  • 10% revenue growth to $26.7 million in Q3
  • $15.4 million operating netback ($46.24/boe)
  • $6.5 million positive working capital position
  • Successful drilling of eight new wells in Atlee Buffalo
Negative
  • Expected lower production in early Q4 due to maintenance downtime
  • Operating costs increased to $10.87/boe from $9.19/boe year-over-year
  • Transportation costs rose to $4.89/boe from $2.95/boe year-over-year

Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") is pleased to provide its financial and operating results for the three and nine months ended September 30, 2024, declare a quarterly dividend payment to shareholders, and provide an operations update.

Q3 2024 Highlights

  • Achieved quarterly production of 3,621 boe/d (99% heavy oil), an 18% increase over the same quarter last year.
  • Attained quarterly revenue of $26.7 million, a 10% increase from the third quarter of 2023.
  • Delivered operating netback1 of $15.4 million or $46.24/boe for the quarter.
  • Realized quarterly adjusted funds flow from operations ("AFF")1 of $11.7 million or $35.17/boe.
  • Executed a $9.9 million capital expenditure program to drill eight successful wells in Atlee Buffalo, Alberta and construct a new multi-well battery and polymer injection facility in Marsden, Saskatchewan.
  • Exited the third quarter with a positive working capital1 position of $6.5 million.
  • Paid a special dividend of $2.9 million ($0.03/share) to shareholders on July 26, 2024.
  • Paid a quarterly base dividend of $2.5 million ($0.025/share) to shareholders on September 13, 2024.
  • Announced a special dividend of $0.03/share to shareholders that was paid subsequent to the quarter on October 25, 2024.
  • Renewed the Company's Normal Course Issuer Bid ("NCIB").
  • Purchased and cancelled 756,400 shares under the Company's NCIB.

(1) Operating netback, adjusted funds flow from operations (AFF), free funds flow, capital expenditures, and working capital are non-IFRS measures, or when expressed on a per share or boe basis, non-IFRS ratio, that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Non-IFRS financial measures and ratios are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the section "Non-IFRS and Other Specified Financial Measures".

Selected financial and operational highlights should be read in conjunction with Hemisphere's unaudited consolidated interim financial statements and related notes, and the Management's Discussion and Analysis for the three and nine months ended September 30, 2024 which are available on SEDAR+ at www.sedarplus.ca and on Hemisphere's website at www.hemisphereenergy.ca. All amounts are expressed in Canadian dollars unless otherwise noted.

Financial and Operating Summary


Three Months Ended
September 30

Nine Months Ended
September 30

($000s except per unit and share amounts)
2024

2023

2024

2023 
FINANCIAL











Petroleum and natural gas revenue$26,675
$24,342
$76,574
$62,049
Operating field netback(1)
15,583

15,860

46,392

38,327
Operating netback(1)
15,405

15,632

46,217

37,690
Cash flow provided by operating activities
16,782

12,340

34,260

30,744
Adjusted funds flow from operations ("AFF")(1)
11,717

11,713

35,381

28,116
Per share, basic(1) ($/share)
0.12

0.12

0.36

0.28
Per share, diluted(1) ($/share)
0.12

0.11

0.35

0.27
Free funds flow(1)
1,815

2,988

16,852

13,395
Net income
8,596

8,465

25,761

20,213
Per share, basic and diluted ($/share)
0.09

0.08

0.26

0.20
Dividends
5,399

2,525

10,337

7,593
Per share, basic ($/share)
0.055

0.025

0.105

0.075
NCIB share repurchases
736

640

4,163

2,010
Capital expenditures(1)
9,902

8,725

18,529

14,721
Working capital(1)
6,450

2,226

6,450

2,226 
OPERATING
 

 

 

 
Average daily production
 

 

 

 
Heavy oil (bbl/d)
3,601

3,032

3,441

3,011
Natural gas (Mcf/d) 
123

145

123

152 
Combined (boe/d)
3,621

3,056

3,461

3,036
Oil weighting
99%

99%

99%

99%
Average sales prices
 

 

 

 
Heavy oil ($/bbl)$80.50
$87.14
$81.17
$75.35
Natural gas ($/Mcf)
0.65

2.50

1.38

2.67 
Combined ($/boe)$80.06
$86.57
$80.74
$74.86 
Operating netback ($/boe)
 

 

 

 
Petroleum and natural gas revenue$80.06
$86.57
$80.74
$74.86
Royalties
(17.53)
(18.03)
(16.91)
(14.84)
Operating costs
(10.87)
(9.19)
(10.52)
(10.64)
Transportation costs 
(4.89)
(2.95)
(4.39)
(3.04)
Operating field netback(1)
46.77

56.40

48.92

46.24
Realized commodity hedging loss
(0.53)
(0.81)
(0.18)
(0.77)
Operating netback(1)$46.24
$55.59
$48.74
$45.47 
General and administrative expense
(3.85)
(4.19)
(3.64)
(3.46)
Interest expense and foreign exchange gain (loss)
(0.21)
(0.52)
(0.40)
(0.62)
Tax expense provision 
(7.01)
(9.23)
(7.39)
(7.47)
Adjusted funds flow from operations(1) ($/boe)$35.17
$41.65
$37.31
$33.92 

 

Note: (1) Non-IFRS and other financial measure. Refer to "Non-IFRS and Other Financial Measures" section below.

SHARE CAPITALAs at November 20, 2024As at September 30, 2024As at December 31, 2023
Common shares outstanding97,530,53998,020,03999,340,339
Stock options outstanding6,223,6006,223,6007,563,000
Total fully diluted shares outstanding103,754,139104,243,639106,903,339

 

Quarterly Dividend and Shareholder Return

Hemisphere is pleased to announce that its Board of Directors has approved a quarterly cash dividend of $0.025 per common share in accordance with the Company's dividend policy. The dividend will be paid on December 27, 2024 to shareholders of record as of the close of business on December 13, 2024. The dividend is designated as an eligible dividend for income tax purposes.

A minimum of $21 million is anticipated to be returned to Hemisphere's shareholders in 2024, inclusive of $9.8 million in quarterly base dividends, $5.9 million in two special dividends, and $5.3 million in NCIB share repurchases and cancellations. Based on the Company's current market capitalization of $179 million (97.5 million shares issued and outstanding at market close price of $1.84 per share on November 20, 2024), this represents an annualized yield of 11.7% to Hemisphere's shareholders.

Operations Update

Hemisphere's polymer floods in Atlee Buffalo continue to perform well, with third quarter production up 18% from the same period of 2023. During the third quarter of 2024, Hemisphere drilled eight new horizontal wells into its Atlee Buffalo pools, of which three are in the F pool and five in the G pool. All but one of these wells were brought online subsequent to the end of the quarter, although at least two will ultimately be converted into injectors to continue to build reservoir pressure and sweep oil to producers in the pool.

The Company is currently adding another treater to its G pool battery to handle the additional volumes from these wells. At the same time, vessel inspection and overall maintenance is being completed across the G pool battery. Due to this downtime, management anticipates lower corporate production during the first half of the fourth quarter, with overall expectations for annual 2024 production to be in line with guidance.

In its Marsden, Saskatchewan property, Hemisphere continues to evaluate its new polymer pilot project and is awaiting source well regulatory approval in order to increase injection rates. At this time no significant production is budgeted from the area.

The Hemisphere team is currently working on development plans for next year and expects to release details on its 2025 guidance in January.

About Hemisphere Energy Corporation

Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through polymer flood enhanced recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME" and on the OTCQX Venture Marketplace under the symbol "HMENF".

For further information, please visit the Company's website at www.hemisphereenergy.ca to view its corporate presentation or contact:

Don Simmons, President & Chief Executive Officer
Telephone: (604) 685-9255
Email: info@hemisphereenergy.ca

Website: www.hemisphereenergy.ca

Forward-looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements including that a quarterly dividend will be paid December 27, 2024 to shareholders of record as of the close of business on December 13, 2024; that a minimum of $21 million is anticipated to be returned to shareholders in 2024; that at least two of Hemisphere's new wells will be converted into injectors; that management anticipates lower corporate production during the first half of the fourth quarter, with overall expectations for annual 2024 production to fall in line with guidance; and that Hemisphere expects to release details on its 2025 guidance in January.

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: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; that 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 perspectivity of recently acquired properties and the timing and manner to explore and develop the same; 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; the ability of Hemisphere to obtain financing on acceptable terms; 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 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 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 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, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Non-IFRS and Other Financial Measures

This news release contains the terms adjusted funds flow from operations, free funds flow, capital expenditures, operating field netback, operating netback, and working capital/net debt, which are considered "non-IFRS financial measures" and any of these measures calculated on a per boe basis, which are considered "non-IFRS financial ratios". These terms do not have a standardized meaning prescribed by IFRS. Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) or cashflow from operations determined in accordance with IFRS and these measures should not be considered more meaningful than IFRS measures in evaluating the Company's performance.

a) Adjusted funds flow from operations ("AFF") (Non-IFRS Financial Measure and Ratio if calculated on a per share or boe basis): The Company considers AFF to be a key measure that indicates the Company's ability to generate the funds necessary to support future growth through capital investment and to repay any debt. AFF is a measure that represents cash flow generated by operating activities, before changes in non-cash working capital and adjusted for decommissioning expenditures and may not be comparable to measures used by other companies. The most directly comparable IFRS measure for AFF is cash provided by operating activities. AFF per share is calculated using the same weighted-average number of shares outstanding as in the case of the earnings per share calculation for the period.

A reconciliation of AFF to cash provided by operating activities is presented as follows:


Three Months Ended
September 30

Nine Months Ended
September 30

($000s, except per share amounts)2024
2023
2024
2023 
Cash provided by operating activities$16,782
$12,340
$34,260
$30,744
Change in non-cash working capital
(2,734)
(714)
8,091

(3,007)
Adjust: Tax provision(1)
(2,338)
-

(7,006)
-
Adjust: Decommissioning obligation expenditures
7

87

36

379 
Adjusted funds flow from operations$11,717
$11,713
$35,381
$28,116
Per share, basic $0.12
$0.12
$0.36
$0.28
Per share, diluted$0.12
$0.11
$0.35
$0.27 

 

Note: (1) Provision for income taxes deferred under new corporate partnership structure effective as of January 2, 2024.

b) Free funds flow ("FFF") (Non-IFRS Financial Measure): Calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free funds flow provides a useful measure to determine Hemisphere's ability to improve returns and to manage the long-term value of the business.


Three Months Ended
September 30

Nine Months Ended
September 30
 
($000s, except per share amounts)2024
2023
2024
2023 
Adjusted funds flow from operations$11,717
$11,713
$35,381
$28,116
Capital expenditures
(9,902)
(8,725)
(18,529)
(14,721)
Free funds flow$1,815
$2,988
$16,852
$13,395 
Per share, basic and diluted$0.02
$0.03
$0.17
$0.13 

 

c) Capital expenditures (Non-IFRS Financial Measure): Management uses the term "capital expenditures" as a measure of capital investment in exploration and production assets, and such spending is compared to the Company's annual budgeted capital expenditures. The most directly comparable IFRS measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures is set forth below:


Three Months Ended
September 30

Nine Months Ended
September 30

($000s)2024
2023
2024
2023 
Cash used in investing activities$5,178
$7,898
$13,769
$15,711
Change in non-cash working capital
4,724

827

4,760

(990)
Capital expenditures$9,902
$8,725
$18,529
$14,721 

 

d) Operating field netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): A benchmark used in the oil and natural gas industry and a key indicator of profitability relative to current commodity prices. Operating field netback is calculated as oil and gas sales, less royalties, operating expenses, and transportation costs on an absolute and per barrel of oil equivalent basis. These terms should not be considered an alternative to, or more meaningful than, cash flow from operating activities or net income or loss as determined in accordance with IFRS as an indicator of the Company's performance.

e) Operating netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Calculated as the operating field netback plus the Company's realized gain (loss) on derivative financial instruments on an absolute and per barrel of oil equivalent basis.

f) Working capital/Net debt (Non-IFRS Financial Measure): Closely monitored by the Company to ensure that its capital structure is maintained by a strong balance sheet to fund the future growth of the Company. Working capital/Net debt is used in this document in the context of liquidity and is calculated as the total of the Company's current assets, less current liabilities, excluding derivative financial instruments, decommissioning obligations, lease liabilities, and tax provisions, and including any bank debt. There is no IFRS measure that is reasonably comparable to working capital/net debt.

The following table outlines the Company calculation of working capital/net debt:

($000s)As at September 30, 2024
As at December 31, 2023 
Current assets(1)$22,943
$14,110
Current liabilities(1)
(9,487)
(10,521)
Adjust: Tax provision(2)
(7,006)
- 
Working capital$6,450
$3,589 

 

Notes:
(1) Excluding fair value of financial instruments, decommissioning obligations, and lease liabilities.
(2) Provision for income taxes deferred under new corporate partnership structure effective as of January 2, 2024.

The Company has provided additional information on how these measures are calculated in the Management's Discussion and Analysis for the year ended December 31, 2023 and the interim period ended September 30, 2024, which are available under the Company's SEDAR+ profile at www.sedarplus.ca.

Oil and Gas Advisories

Any references in this news release to initial production rates (including as a result of recent polymer flood activities) are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Such rates are based on field estimates and may be based on limited data available at this time.

A barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Definitions and Abbreviations

bblbarrelMcfthousand cubic feet
bbl/dbarrels per dayMcf/dthousand cubic feet per day
$/bbldollar per barrel$/Mcfdollar per thousand cubic feet
boebarrel of oil equivalentIFRSInternational Financial Reporting Standards
boe/dbarrel of oil equivalent per day

$/boedollar per barrel of oil equivalent

 

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230823

FAQ

What was Hemisphere Energy's (HMENF) production in Q3 2024?

Hemisphere Energy achieved quarterly production of 3,621 boe/d (99% heavy oil) in Q3 2024, representing an 18% increase compared to Q3 2023.

How much dividend did Hemisphere Energy (HMENF) declare for Q4 2024?

Hemisphere Energy declared a quarterly cash dividend of $0.025 per common share, payable on December 27, 2024, to shareholders of record as of December 13, 2024.

What was Hemisphere Energy's (HMENF) revenue in Q3 2024?

Hemisphere Energy reported revenue of $26.7 million in Q3 2024, a 10% increase from the third quarter of 2023.

How many wells did Hemisphere Energy (HMENF) drill in Q3 2024?

Hemisphere Energy drilled eight new horizontal wells in Atlee Buffalo during Q3 2024, with three in the F pool and five in the G pool.

HEMISPHERE ENERGY CORP

OTC:HMENF

HMENF Rankings

HMENF Latest News

HMENF Stock Data

126.95M
69.51M
7.4%
0.58%
Oil & Gas E&P
Energy
Link
United States of America
Vancouver