Hemi Energy Acquiring Drilling Permits for Four New Wells on Leases in Woodson County, Kansas
January 10 2007 - 10:00AM
Business Wire
Hemi Energy Group, Inc. (Pink Sheets HMGP) is permitting four new
wells to be drilled on its Woodson County, Kansas leases. The
company will drill its first new oil well of its 2007 drilling
program this winter. Winter drilling allows Hemi to establish a
good working relationship with drilling contractors prior to the
spring new well drilling rush. We expect that all four wells will
be completed in early spring. In anticipation of drilling in early
2007, Hemi has had a prototype water flooding system in the area
for six months where drilling of the new wells will occur. We are
presently preparing for lease improvements to be made to facilitate
the drilling of the first well, i.e. road building, site prep, etc.
Hemi has commissioned an independent oil geologist to do an oil
reserve report on the five contiguous leases, total lease acreage
of greater than three square miles, owned by Hemi in Woodson
County, Kansas. We believe Hemi will receive a favorable report
based on its extensive library of geological information, collected
over many years, and conversations with previous local oil and gas
operators, who worked our Woodson County leases in the past. We
expect to release this full report not later than mid-February.
Hemi's Montgomery County, Kansas lease near the town of Cherryvale
is already producing oil from two of the six mature wells. We will
be determining the baseline oil production of bbls. per day from
these two wells next week. The lease improvement work and reworking
of the four additional wells is on schedule to meet our projection
of 1500 bbls. of oil production for February from this lease. Hemi
intends to establish a major presence in the western
Humboldt-Chanute oilfield in Woodson County, Kansas both in leases
and number of new oil wells drilled in 2007. Enhanced oil recovery
(EOR) operations and reworking of mature wells, to bring more wells
on line, is ongoing in 2007. To this end, all the above
demonstrates the commitment by management to develop this
geological formations' potential. 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. For additional information,
please go to http://hemienergy.com or
http://www.stockinformationsystems.com/c/HMGP/index.html "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.
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"may," "will," "should," "could," "expects," "plans," "intends,"
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