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Hemisphere Energy Corporation: Hemisphere Energy Announces 2020 Fourth Quarter and Year-End Financial and Operating Results
[DATELINE] Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ( Hemisphere or the Company ) is pleased to provide its financial and operating results for the fourth quarter and year ended December 31, 2020.
For Hemisphere, 2020 was a year of strengthening the balance sheet by cutting capital, reducing costs, maintaining year over year production rates, and paying down nearly 25% of its previously outstanding year-end debt.
Despite spending only $1.7 million in capital during the year, the Company grew its Proved and Proved plus Probable reserves by 18% and 22%, respectively. While oil prices were down substantially through much of 2020 due to COVID-19, Hemisphere achieved adjusted funds flow from operations of $9.3 million, or $0.11 per basic share. This allowed the Company to improve its leverage metrics, strategically execute its Normal Course Iss
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Vancouver, British Columbia–(Newsfile Corp. – April 28, 2021) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to provide its financial and operating results for the fourth quarter and year ended December 31, 2020.
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For Hemisphere, 2020 was a year of strengthening the balance sheet by cutting capital, reducing costs, maintaining year over year production rates, and paying down nearly 25% of its previously outstanding year-end debt.
Despite spending only $1.7 million in capital during the year, the Company grew its Proved and Proved plus Probable reserves by 18% and 22%, respectively. While oil prices were down substantially through much of 2020 due to COVID-19, Hemisphere achieved adjusted funds flow from oper
United-statesCanadaUnited-kingdomVancouverBritish-columbiaBritishCanadianDon-simmonsNational-instrumentMcdaniel-associates-consultants-ltdInternational-financial-reporting-standardsHemisphere-energy