Hemi Energy New Well Developments
March 05 2007 - 9:50AM
Business Wire
Hemi Energy Group, Inc.�s (Pink Sheets:HMGP) first new oil well on
our Woodson County leases results confirm our information of this
lease�s geological formation reserves and also information from the
reserve report about blanket formations. It will take nearly a week
to complete all the necessary steps to fully bring this well online
in order to determine the bbls per day of output. The well had a
very good oil show thru drilling tests, confirming this as a good
well, even before the steps which will be been taken to enhance the
online production of BBLs per day. Hemi has extensive oil well
experience using carefully chosen completion techniques which
increases oil production. The main oil zone we are producing from
has 11 feet of payzone based on open hole well logging and
formation cuttings obtained while drilling. We are evaluating
geological information gathered from this drilling, by using
several methods, that will allow us to more efficiently develop
geological reserves from future oil wells on these six leases. Hemi
will drill a second oil well (Hemi 1) in March, 2007 on the same
lease because of the success of the first well (Hemi 2) and also
based on new geological information derived from the Hemi 2 well.
Hemi�s developmental new well drilling program will drill multiple
new wells per month throughout the second quarter on the Woodson
County, Kansas leases. As we get into warmer spring weather, we
will have access to some of the better locations on each lease.
Based on our experience of previously reworked wells on these
leases, we will be selecting sites for drilling new wells.
Management is aware of the exaggerated price swings that occurred
very recently and believes that over time the fundamental asset
values of the company will reflect its accurate worth. As the
reserves are proved up and the leases in five states are properly
valued, surely the present market cap will be seen as still very
under-valued for Hemi. Hemi Energy Group is an independent crude
oil and natural gas producer employing a unique business model
capitalizing on technological advances to exploit mature fields
with millions of barrels of proven oil remaining in the ground.
Statements in this press release relating to plans, strategies,
economic performance and trends, projections of results of specific
activities or investments, and other statements that are not
descriptions of historical facts may be forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Forward-looking information
is inherently subject to risks and uncertainties, and actual
results could differ materially from those currently anticipated
due to a number of factors, which include, but are not limited to,
risk factors inherent in doing business. Forward-looking statements
may be identified by terms such as "may," "will," "should,"
"could," "expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential," or "continue,"
or similar terms or the negative of these terms. Although we
believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. The company has no
obligation to update these forward-looking statements. For
additional information, please go to http://hemienergy.com or
http://www.stockinformationsystems.com/c/HMGP/index.html
Hemi Energy (GM) (USOTC:HMGP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Hemi Energy (GM) (USOTC:HMGP)
Historical Stock Chart
From Aug 2023 to Aug 2024