Hemi Energy to Sell First Oil Produced from Kansas Leases
01 August 2006 - 10:00PM
Business Wire
Hemi Energy Group Inc. (Pink Sheets: HMGP) has entered into an
exclusive purchase agreement with Plains Crude Oil Marketing Group,
part of Plains All American Pipelines LP (NYSE: PAA), to sell all
oil produced from the oil leases located in Woodson County, Kansas.
Currently Hemi's oil storage is at full capacity and is awaiting
pickup for the first sale of oil off these leases. Keith Anderson,
CEO and president of Hemi Energy Group, stated, "As reworking and
upgrades to these wells continue, we are seeing stronger than
expected production as we bring these wells back online. Currently
we are still analyzing the methods that are allowing maximum
production and reserve recovery and will be better prepared to
disclose average daily production rates in the near future." About
Hemi 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 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://www.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.
Forward-looking statements may be identified by terms such as
"may," "will," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "forecasts,"
"potential," or "continue," or similar terms or the negative of
these terms. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
The company has no obligation to update these forward-looking
statements.
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