Hemi Energy Completes Valuation of Equipment in Woodson County, Kansas
03 November 2006 - 3:37AM
Business Wire
Keith Anderson, CEO and President of Hemi Energy Group, Inc. (Pink
Sheets: HMGP), and Craig Treiber, Vice President, on the three-day
inspection trip started Oct. 26, completed a detailed valuation for
the reconditioned and rebuilt equipment at the wells located on
over 3 square miles of leases in eastern Kansas. There are 16 100
bbl oil tanks, eight 220 bbl water tanks and eight gun barrel
water/oil separation vessels for a total of 32 tanks spaced over
the five leases described above. There are 65 pump jacks on which
the re-building has been completed, and an additional 39 pump jacks
that are at various stages of re-building. There are 100 down-hole
pumps used in the production of oil. There are also three saltwater
stainless steel water injection pumps that are in use on our two
water injection wells. The total value for the above-described
equipment is $324,000, based on a survey of current fair market
values from re-built oilfield equipment dealers and end users in
Kansas. Anderson stated, "The stock price is currently valued well
below the cost of leases owned in four states, and the re-built
equipment on the five Kansas leases in Woodson County, Kansas, as
detailed in this press release. Stock price also does not reflect
the true production value of the oil reserves yet to be produced
from the over 100 old oil wells presently owned by Hemi, several of
which having been completely re-worked and currently producing oil
in Woodson County, Kansas." Detailed information, as completed,
will be released in November about wells on another lease in Kansas
and leases in four other states that are already owned by Hemi
Energy Group, Inc. 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,
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
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. Keith Anderson, CEO and President of Hemi Energy Group,
Inc. (Pink Sheets: HMGP), and Craig Treiber, Vice President, on the
three-day inspection trip started Oct. 26, completed a detailed
valuation for the reconditioned and rebuilt equipment at the wells
located on over 3 square miles of leases in eastern Kansas. There
are 16 100 bbl oil tanks, eight 220 bbl water tanks and eight gun
barrel water/oil separation vessels for a total of 32 tanks spaced
over the five leases described above. There are 65 pump jacks on
which the re-building has been completed, and an additional 39 pump
jacks that are at various stages of re-building. There are 100
down-hole pumps used in the production of oil. There are also three
saltwater stainless steel water injection pumps that are in use on
our two water injection wells. The total value for the
above-described equipment is $324,000, based on a survey of current
fair market values from re-built oilfield equipment dealers and end
users in Kansas. Anderson stated, "The stock price is currently
valued well below the cost of leases owned in four states, and the
re-built equipment on the five Kansas leases in Woodson County,
Kansas, as detailed in this press release. Stock price also does
not reflect the true production value of the oil reserves yet to be
produced from the over 100 old oil wells presently owned by Hemi,
several of which having been completely re-worked and currently
producing oil in Woodson County, Kansas." Detailed information, as
completed, will be released in November about wells on another
lease in Kansas and leases in four other states that are already
owned by Hemi Energy Group, Inc. 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, 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 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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