Hemisphere Energy Corporation - HMENF STOCK NEWS

Hemisphere Energy (HMENF) has announced a special dividend of C$0.03 per common share, to be paid on July 26, 2024, to shareholders of record on July 12, 2024. This special dividend, designated as eligible for Canadian income tax purposes, supplements the company's quarterly base dividend of C$0.025 per share announced earlier. So far in 2024, Hemisphere has committed $10.7 million to shareholder returns, including share repurchases and the special dividend.

This return of capital is funded entirely by the company's free cash flow, driven by high-margin enhanced oil recovery (EOR) assets, low production decline, and a healthy balance sheet. Additionally, Hemisphere has brought online all three producers in its new Marsden, Saskatchewan development play, and is preparing for the start-up of its EOR project in the third quarter of 2024.

Hemisphere Energy (TSXV: HME, OTCQX: HMENF) announced the results from its Annual General and Special Meeting of Shareholders held on May 30, 2024. A total of 46,475,140 common shares were voted, representing 47.45% of total issued shares as of April 11, 2024. Shareholders approved all proposed items, which included fixing the number of directors at six, electing Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman as directors, appointing KPMG LLP as auditors, and renewing the Company's Stock Option Plan.

Hemisphere Energy (TSXV: HME; OTCQX: HMENF) reported its Q1 2024 results, highlighting an average production of 3,133 boe/d, with 99% heavy oil. The company achieved quarterly revenue of $21.0 million and a net income of $6.8 million. Operating netback stood at $46.04/boe, and adjusted funds flow from operations (AFF) was $10.1 million. Hemisphere declared a quarterly dividend of $0.025 per share, distributed $2.5 million in dividends, and renewed its $35 million credit facility. Capital expenditures totaled $5.6 million, including the drilling of five wells. Hemisphere received approval for an EOR project and plans further investments in 2024.

Hemisphere Energy (TSXV: HME) (OTCQX: HMENF) reported positive financial and operating results for the fourth quarter and year ended December 31, 2023. Highlights include increased production, annual revenue of $84.5 million, $39.4 million in adjusted funds flow from operations, $22.5 million in free funds flow, and $10.1 million in quarterly dividends distributed to shareholders. The company also increased reserve values and maintained reserve volumes. Hemisphere exited the year with a positive working capital position and made strategic investments in drilling, facilities, land, and seismic activities. The outlook for 2024 is optimistic with successful drilling activities and production growth expected.

Hemisphere Energy Corporation announces positive results from its independent reserves evaluation for 2023, showing significant growth in production, reserve value, and free cash flow potential. The company invested in successful wells, increased production by over 10%, and distributed dividends. Hemisphere's reserve values for Proved Developed Producing, Proved, and Proved plus Probable categories saw increases, with a strong focus on liability management and reserve upside potential. The Reserve Report also highlights the company's low decline, long life, and high-value reserves, positioning Hemisphere for continued success in the oil and gas industry.

Hemisphere Energy Corporation (HMENF) has been named as one of the top performers on the TSX Venture Exchange for the third consecutive year. The 2024 TSXV 50 list showcases the top 50 issuers across various sectors based on market capitalization growth, share price appreciation, and trading volume.

Hemisphere Energy Corporation has declared a quarterly dividend payment to shareholders and provided a corporate update, reporting a successful year in 2023 with a 14% yield to shareholders. The company achieved a 16% increase in production in the fourth quarter of 2023 and a 10% growth in annual average production. Hemisphere funded all its shareholder returns and capital expenditure program on 2023 cash flow, while also acquiring new land and investing in a new prospect for EOR polymer flooding. The Board of Directors has approved a quarterly cash dividend of $0.025 per common share, and a 2024 capital expenditure program of $21 million, expected to provide 10% annual production growth. However, extreme cold weather in January affected corporate production, leading to a loss of power and freezing of wells and facility, impacting the 2024 guidance.

Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) announces the appointment of Ashley Ramsden-Wood as Chief Development Officer. Ms. Ramsden-Wood, Vice President of Engineering since 2014, has been instrumental in the Company's growth and development. The Company has also granted incentive stock options to purchase up to 1.37 million common shares to directors, officers, and investor relations personnel at an exercise price of $1.27 per share until December 15, 2028.

Hemisphere Energy Corporation (HME) reports strong financial and operating results for Q3 2023, with record production, revenue, netback, and adjusted funds flow. The company also declares a quarterly dividend and provides an operations update, showcasing positive working capital and shareholder returns.