Hemisphere Energy – Recapping A Year Of Increased Production and Revenue Growth In 2021 And The 2022 Business Strategy
Don Simmons, President and CEO of Hemisphere Energy (TSX.V:HME – OTCQB:HMENF), joins us to provide an update on the Company’s key milestones and work programs in the latter half of 2021 and the business strategy moving into 2022. One of the key transitions last year was to implement the polymer flood process at the Atlee Buffalo G Pool along with the drilling of 3 new wells, leading to an increase in production output.
We have Don remind listeners of the advantages of switching to the polymer flood method at the G Pool anticipated to see traction in the first half of this year, and that they are still reviewing whether it would make sense to implement a similar process at the F Pool, where the company drilled 4 new wells at year end.
Next we shifted over the Company debt repayment schedule and progress made in 2021, and how it will continue moving into this year. Don discusses optionality they have with their balance sheet and debt facilities to potentially make acquisitions or advance internal projects, and outlines a $9 million capex spend for 2022, which leaves a $28 million free cash flow budget for debt repayment and other initiatives. We wrap up with how Hemisphere Energy is continuing to return value to shareholders including their share buy-back plan, and even the consideration of a potential dividend down the road.
if you have any follow up questions for Don on Hemisphere Energy, then please email us at either Fleck@kereport.com or Shad@kereport.com.