Hemisphere Energy Announces Third Quarter Results and Declares Dividend
Vancouver, British Columbia--(November 17, 2022) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") today reported its financial and operating results for the third quarter ended September 30, 2022, during which the Company recorded almost $24 million in revenue and its third highest ever adjusted funds flow from operations (AFF)1 of $10.6 million. Hemisphere also spent $4.6 million on drilling operations and facility improvements, paid off its bank debt, and distributed $2.6 million of dividends to its shareholders.
Quarterly Dividend
With the Company realizing free funds flow1 of $6 million in the quarter, Hemisphere's board of directors has approved a quarterly dividend of $0.025 per share, to be paid November 30, 2022 to shareholders of record as of the close of business on November 23, 2022. The dividend is designated as an eligible dividend for income tax purposes.
Q3 2022 Highlights
Paid off all bank debt.
Produced an average of 2,870 boe/d (99% heavy oil), a 72% increase over the third quarter of 2021.
Attained quarterly revenue of $23.7 million, a 127% increase over the third quarter of 2021.
Delivered an operating field netback1 of $49.95/boe, 27% higher than in the third quarter of 2021.
- Category: Oil & Gas
- Published: 17 November 2022
- Written by Editor