Hemi Energy (GM) (USOTC:HMGP)
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Hemi Energy Group, Inc. (Pink sheets: HMGP) is in negotiations to sell
some of its leases, while maintaining royalty interest, to be pooled
with other leases held by major oil companies in the Fort Worth area.
These companies have major developmental drilling programs in the
Barnett Shale leases they own and are still acquiring in greater Fort
Worth. Hemi has added more and will continue to add to its
checkerboarding lease holdings in Fort Worth that will absolutely be
legally required "well spacing requirements" before major oil companies
can obtain a permit to drill. They are also looking at the values of
some of Hemi's leases far from Fort Worth, but within less than five
miles of where there is active deep drilling of wells or wells producing
millions of dollars per year per well.
Hemi's next two wells, to be drilled near term, are in the Cherry Creek
Trend in Woodson County, Kansas. The Weseloh and Driskell virgin leases
are in the above Trend and within a 4 mile radius of our 5 producing
leases. The Trend area has had more than 25 intent to drill permits
filed by other companies, some of which have already become new oil
wells on virgin leases, and is a large increase since the latter part of
2007. We have gained confidential new knowledge about several wells
production and the large increase in intent to drill permits reflects
others have also learned about the oil values in this trend. Our next
two new wells will be drilled in close proximity to some of these
excellent producing wells of other oil companies.
The results from the completion of the fracing and completion techniques
on the Collins lease should give us a barrel count per day to be
released before mid-May. Keith Anderson, Hemi CEO, on site during the
drilling of this well, said, "Drill cutting samples from pay zones were
bleeding oil as I was holding them." Mr Anderson continued to say, "This
is not a mature lease and should have production similar to our mature
leases in Kansas when they were first drilled. The new completion
techniques are vastly improved from the ones used in the early days of
this area of southeast Kansas. A strong gas water solution drive is
likely to be present in this new oil well and through out this lease.
Therefore, the production and the decline curve should be much better
than wells drilled on mature leases that have lost most of this drive."
The extrapolation of the results from the three wells, management
believes, will add significant production and reserve values to our
lease holding in southeast Kansas. Management's beliefs are based on
well logs, coring and drill cutting samples, reserve report information
and confidential information obtained from government sources, service
companies and vendors in this area of Kansas. Therefore, the
artificially low market cap is subject to being revised upward based on
all the above significant events near term.
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.