Hemi Energy New Well Development in Woodson County, Kansas
March 27 2007 - 9:45AM
Business Wire
Hemi Energy Group, Inc. (Pink Sheets:HMGP) Hemi-2 is a good
producing new oil well that exceeded our expectations but we have
chosen to try to maximize oil production by using additional
advanced completion techniques for this first new well that have
not been previously used in our area of southeast Kansas.
Therefore, more time than was initially allocated for well
completion is being used before the baseline bbls per day can be
announced. The independent written reserve report has been studied,
and along with recent core samples, Hemi decided the extra time and
expense was justified in this first new well to improve future
production of other new wells to be drilled on our six leases in
Woodson County, Kansas. Using the information derived from this
additional testing and completion techniques will allow additional
new wells to be completed much more efficiently and in a more
timely manner. Hemi will drill a second well on the same lease as
soon as drilling equipment is available in the next 5 to 10 days.
We are doing drilling site preparation on this lease to enable the
drilling equipment access to the new drilling site. Based on our
experience of previously reworked wells on adjacent leases, we will
be selecting sites for drilling multiple new wells each month in
our ongoing developmental drilling program throughout the second
quarter. Hemi�s Pulstar 20000 heavy duty truck, rigged out for
pulling/workover of oil and gas wells, is being used on the Woodson
County Bennett lease to begin reworking of 8 to 10 additional
wells. Three wells on this lease have good production of 3 to 5
bbls per day per well and have been producing for months. The
Bennett lease is one of our better leases and has an additional 8
to 10 mature wells that we are in the process of reworking as the
spring weather is allowing access to this area of the lease. Based
on its library of extensive geological information on Woodson
County, Hemi is in the process of acquiring additional leases, some
of which have mature oil wells and some which have never been
drilled but are adjacent to leases with mature wells. 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. Using attractive lease/royalty
packages, Hemi has secured, in its history, tens of thousands of
acres of productive domestic projects. The company�s
forward-thinking strategy has placed it in an enviable position at
a time when prices and global demand for oil continue to rise.
Building on decades of experience in enhanced oil recovery, Hemi
has successfully amassed a substantial and attractive portfolio of
these high-quality domestic properties. By streamlining operations
through cutting-edge technologies, Hemi has the ability to operate
more effectively and efficiently than larger oil companies. "Safe
Harbor" Statement under the Private Securities Litigation Reform
Act of 1995 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.
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