Hemi Energy (GM) (USOTC:HMGP)
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Hemi Energy Group, Inc. (Pink Sheets: HMGP): The evaluation of the well
logs and drill cutting samples from the new well on the Weseloh lease in
Woodson County, Kansas has shown excellent oil shows from multiple pay
zones. This virgin lease's new oil well clearly has the important
natural gas in water solution drive. This will be a very good producing
well, based on the opinions and experience of industry professionals,
after it is fraced and other completion techniques are finalized by next
week. This is our first drilled new well on a virgin lease and therefore
will have a much longer lasting production and at a higher rate than
wells that are drilled on leases with mature wells in southeast Kansas.
Our new oil well is along the Cherry Creek Trend and is in close
proximity to several excellent producing new oil leases of other oil
companies that are also drilling and developing along the oil trend.
These two virgin leases, the Weseloh and Driskell, have all necessary
supplies in place. The total acreage of these two leases is comprised of
approximately two square miles in the Cherry Creek Trend, an area that
is only recently being developed and producing oil. Hemi Energy's
contract driller, McPherson Drilling LLC, expects to move to the second
lease next week. The Driskell lease is also in the Cherry Creek Trend,
which we believe is an extension of blanket formations, in Woodson
County, Kansas. We plan to complete the drilling and cementing in the
next two weeks of the new well on the Driskell lease.
Hemi's new oil well on the Weseloh lease has also identified five coal
bed layers. All of these coal bed layers lie on top of the Bourbon Arch,
which is a geological feature approximately forty miles long. This new
well's coal bed layers are very similar to coal bed layers that are
found approximately five miles away in our five mature leases with oil
production. Therefore, a logical geological conclusion is beginning to
be confirmed that the coal beds and economically produceable methane gas
exist between our two groups of leases in southeast Kansas. It is well
documented in southeast Kansas that blanket geological formations are
common, especially in CBM pay zones.
Neither Hemi nor Hemi's management have sold any shares in 2008 to the
stock market and no market makers have been selling on the behalf of
Hemi. Therefore, it continues to be Hemi's opinion that after hours
postings are not shares being sold in volume but are predominately
reporting of transactions of sales made during the day. Hemi continues
to be cash flow positive and has more than sufficient funds to complete
the three oil wells being developed in Kansas, and therefore has no need
to sell shares to fund normal daily operations. Hemi's artificially low
market cap is substantially below book value based on conservative oil
and gas industry standards, especially when the expected oil production
from the three new oil wells in Kansas are factored in 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. 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.
"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.