Welcome to our dedicated page for Hemisphere Energy news (Ticker: HMENF), a resource for investors and traders seeking the latest updates and insights on Hemisphere Energy stock.
Hemisphere Energy Corporation (HMENF) is a Canadian oil producer specializing in heavy oil extraction through polymer flood enhanced recovery methods. This page serves as the definitive source for official company announcements and market-moving developments.
Investors will find timely updates on drilling results, reserve evaluations, and financial performance. Our curated collection includes:
• Quarterly earnings reports
• Operational updates on enhanced oil recovery projects
• Strategic acquisition announcements
• Technical innovations in heavy oil production
Bookmark this page for direct access to Hemisphere Energy's latest corporate communications, enabling informed analysis of their low-decline asset strategy and disciplined capital allocation.
Hemisphere Energy has announced the renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 8,255,766 common shares, or about 10% of its public float. The TSX Venture Exchange has approved this renewal, which will commence on July 14, 2024, and terminate on July 13, 2025, or earlier if completed or terminated by Hemisphere. The repurchases will be made on the open market at prevailing prices. The company believes that buying back shares when market prices do not reflect intrinsic value will benefit remaining shareholders. The previous NCIB resulted in the repurchase of 4,074,400 shares at an average price of $1.425 per share. Canaccord Genuity Corp. will act as the broker for this NCIB.
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.
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