New Well Development on Western Humboldt-Chanute Oilfield
30 November 2006 - 1:00AM
Business Wire
Hemi Energy Group, Inc. (Pink Sheets HMGP) In 2006 there were 25
newly drilled wells producing oil within approximately a three mile
radius of Hemi's leases in Woodson County, KS. These new wells are
on the same 150 thousand acre Humboldt-Chanute oilfield geological
structure as Hemi's five leases, totaling over 3 square miles.
These new wells have flushed-in at 40-100 bbls a day. All of these
new wells have been drilled on mature oilfields that currently have
re-worked and/or producing old wells on the leases. A major reason
why as much as 75% of the oil reserves has remained un-produced in
these mature fields is due to the fact that these wells were
drilled using less advanced technologies than those available
today. This Humboldt-Chanute oilfield with a shallow sandstone
(squirrel) and dolomite formation (Mississippian) in southeast
Kansas, presents itself as probably one of the best candidates for
secondary oil recovery, using pressure water flooding or enhanced
oil recovery production (EOR), in all of the domestic United
States. The value of the Hemi Energy leases are benefiting from the
increasing trend of new producing wells and prove-up of oil
reserves near the company's leased area in Woodson County. Partly
based on this information, Hemi Energy will start developing the
proven oil fields in their Kansas leases by drilling new wells in
the spring of 2007. Hemi has now established a base-line of oil
production from the re-worked wells in Woodson County, Kansas,
which comprise approximately 30 percent of the total wells located
in the leased area. For the month of November, the company
completed four shipments of 180 bbl each. Cash flow from oil
production will, therefore, be more than sufficient to allow the
company to complete the re-working of all its remaining wells in
2007. 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 http://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. Hemi Energy Group, Inc. (Pink Sheets HMGP) In 2006
there were 25 newly drilled wells producing oil within
approximately a three mile radius of Hemi's leases in Woodson
County, KS. These new wells are on the same 150 thousand acre
Humboldt-Chanute oilfield geological structure as Hemi's five
leases, totaling over 3 square miles. These new wells have
flushed-in at 40-100 bbls a day. All of these new wells have been
drilled on mature oilfields that currently have re-worked and/or
producing old wells on the leases. A major reason why as much as
75% of the oil reserves has remained un-produced in these mature
fields is due to the fact that these wells were drilled using less
advanced technologies than those available today. This
Humboldt-Chanute oilfield with a shallow sandstone (squirrel) and
dolomite formation (Mississippian) in southeast Kansas, presents
itself as probably one of the best candidates for secondary oil
recovery, using pressure water flooding or enhanced oil recovery
production (EOR), in all of the domestic United States. The value
of the Hemi Energy leases are benefiting from the increasing trend
of new producing wells and prove-up of oil reserves near the
company's leased area in Woodson County. Partly based on this
information, Hemi Energy will start developing the proven oil
fields in their Kansas leases by drilling new wells in the spring
of 2007. Hemi has now established a base-line of oil production
from the re-worked wells in Woodson County, Kansas, which comprise
approximately 30 percent of the total wells located in the leased
area. For the month of November, the company completed four
shipments of 180 bbl each. Cash flow from oil production will,
therefore, be more than sufficient to allow the company to complete
the re-working of all its remaining wells in 2007. 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 http://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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