Hemi Energy Announces Developments in Texas and Kansas Leases
May 21 2008 - 8:45AM
Business Wire
A multi-billion dollar oil company on the New York stock exchange,
with home offices in Fort Worth, has asked Hemi Energy Group, Inc.
(Pink Sheets: HMGP) for geological information for our Sabine,
Texas leases and also some leases we hold in other states. There
are dozens of producing gas wells that are only approximately four
miles from our Sabine leases. These gas wells, of several major oil
companies, have an average revenue of $2.5 million per year, per
well and some have substantially greater revenue. These gas wells
in Texas also have long life and slow decline curves and an
economic life of ten or more years. Hemi has acquired, for cash,
additional Barnett-Shale leases in Fort Worth since our press
release on April 22nd. These additional checker-boarded leases will
absolutely be legally necessary to be pooled with their leases
before these two companies, with major urban development drilling
programs, can begin to drill. The multi-billion dollar oil company,
with home offices in Fort Worth, is also showing interest in our
Barnett-Shale leases in Fort Worth. The rain in Kansas that had
saturated the ground in the area of this well and delayed the
completion of the fracing techniques and thereby the barrel count
per day but results will be available any day next week from this
oil well. The new oil wells will be drilled next week on our leases
in the Cherry Creek Trend in Woodson County, Kansas. There will be
no delay on drilling the new wells because all supplies necessary
for drilling these virgin leases are already in place. The ground
condition on the lease location to be drilled has been prepared and
therefore rain will not be a delaying factor. McPherson Drilling
LLC has been contracted to drill these 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 milllions 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. "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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