Hemi Energy (GM) (USOTC:HMGP)
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Hemi Energy Group, Inc. (Pink Sheets:HMGP) acquires additional leases
that will add approximately 1200 acres to our lease holdings. This new
lease acreage is part of an ongoing larger lease program Hemi is
currently executing in Eastern Woodson County, Kansas. This will give
Hemi a total acreage equal to almost 7 square miles which has blanket
geological formations in this part of Woodson County. When these mature
leases, with proven reserves, were originally drilled there was a gas
solution drive in the pay zone that produced oil wells that had
production of nearly a hundred barrels or greater per day per well.
Based on extensive historical records, i.e. driller's notes, core
samples, well logs, etc., of these mature leases which have
forty-year-old oil wells that are still producing, management believes
the newly acquired virgin leases will produce similar or better
production results as when these mature wells were originally drilled.
This is an exciting opportunity for drilling new wells that will have
much closer to virgin bottom hole formation pressure and BOE reserves in
place. Therefore, based on the above, management strongly believes, as
the new leases without mature wells are proved-up, the proven and
probable reserves will increase several fold compared to the independent
reserves report that is based only on the five leases with mature wells
in Woodson County, Kansas.
Wilshire Capital Group, Inc. and its affiliate companies are currently
pursuing due diligence to enable them to assist Hemi Energy Group, Inc.
Wilshire has retained a third party petroleum engineering and
consultant(s) firm that is used and well accepted by larger oil
companies and Wall Street investment bankers. Hemi and Wilshire will
expand its working relationship, when due diligence is completed, to
pursue strategic acquisitions of oil and gas producing properties and
implement expansion of ongoing developmental drilling programs. Planned
funding from Wilshire for future Hemi developments is to be accomplished
through a division orders, i.e. contracts to purchase future oil
production. There is no intent to use equity dilution in any form for
future development of Hemi leases. Stockholder's equity interests will
continue to be maintained as it has been in 2007. Management believes
that the market cap and the market price are currently artificially low.
This belief is based on the total value of the oil and gas reserves on
leases in Kansas, lease values in four other states, its extensive
research library and management's experience.
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 million of barrels of proven oil remaining
in the ground.
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.