Hemi Energy (GM) (USOTC:HMGP)
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Hemi Energy Group, Inc. (Pink Sheets:HMGP) Hemi Energy purchased and has
taken delivery of a Pulstar P20000, a heavy duty truck rigged out for
pulling/workover of oil and gas wells, from Pulstar Manufacturing of
Dodge, Nebraska. Hemi’s experienced rig
foreman has also already been trained on site for this unit at the
manufacturing facility. Having our own unit will allow us to expedite
completion of Hemi’s new and reworked oil
wells.
President and CEO Keith A. Anderson stated, “Southeastern
Kansas has a critical well service equipment shortage due to the greatly
increased volume of drilling in the area. As with many other oil and gas
operations, Hemi was confronted with unacceptable wait times for
equipment in order to complete necessary reworking of wells. This
equipment availability issue had begun to affect not only our completion
of mature wells but also new well drilling schedules. It became clear
equipment availability was going to become an ongoing issue, therefore
Hemi chose to do this service work in house. When the unit is not in use
by Hemi, it will allow us to contract out the unit to other oil and gas
operations in southeastern Kansas. This contract work will allow a
secondary revenue stream to Hemi Energy Group. We have crewed and tooled
the pulling/workover unit, which is presently on the lease, completing
our first new well in Woodson County, Kansas. Upon completion of the new
well this week, we will be announcing the rate of bbls of oil per day.
Hemi will be acquiring additional leases which have mature oil wells,
based on its library of extensive geological information in Kansas, and
this critical piece of equipment will allow expedient reworking of these
mature wells."
Hemi Energy Group, Inc.’s first new oil well
on our Woodson County leases confirms our information of this lease’s
geological formation reserves and also information from the reserve
report about blanket formations. It will take nearly a week to complete
all the necessary steps to fully bring this well online in order to
determine the bbls per day of output. The well flushed in with good oil
thru the drill stem, confirming this as a good well, even before the
steps which will be been taken to enhance the online production of bbls
per day. Hemi has extensive oil well experience using carefully chosen
completion techniques which increases oil production. The main oil zone
we are producing from is very good and is 11 feet wide based on open
hole well logging and other methods. We are evaluating geological
information gathered from this drilling, by using several methods, that
will allow us to more efficiently develop geological reserves from
future oil wells on these six leases.
Hemi will drill a second oil well in March, 2007 on the same lease
because of the success of the first well and also based on new
geological information derived from the this well. Hemi’s
developmental new well drilling program will drill multiple new wells
per month throughout the second quarter on the Woodson County, Kansas
leases. As we get into warmer spring weather, we will have access to
some of the better locations on each lease. Based on our experience of
previously reworked wells on these leases, we will be selecting sites
for drilling new wells.
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.
"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.
For additional information, please go to http://hemienergy.com
or http://www.stockinformationsystems.com/c/HMGP/index.html.