Hemisphere Energy signs a $1.1 million worth purchase agreement for an oil producing property in the Jenner area of southeastern Alberta.
The Jenner oil property generates around 25 barrels of oil per day and comprises the five sections of land formerly announced by Hemisphere in the farm-in agreement on November 23, 2010. It is anticipated that the acquisition of Jenner Oil Property by Hemisphere will be finished on or prior to March 28, 2011.
The purchasing of Jenner property is associated with the growth of oil production in southeast Alberta by means of increasing core areas with several potential zones, which offers low to medium drilling risks that will enhance production, reserves and cash flow of Hemisphere Energy.
Acquisition of the Jenner property by Hemisphere will permit the company to manage the development and exploration of the land area. The Jenner property having wellbores and facilities are of essential value to Hemisphere to look forward to with the plans to raise production in southeast Alberta.