Hemi Energy (GM) (USOTC:HMGP)
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Hemi Energy Group, Inc.’s (Pink Sheets:HMGP)
first new oil well on our Woodson County leases results confirm 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 had a very good oil show thru
drilling tests, 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 has 11 feet of payzone based on open hole well
logging and formation cuttings obtained while drilling. 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 (Hemi 1) in March, 2007 on the same
lease because of the success of the first well (Hemi 2) and also based
on new geological information derived from the Hemi 2 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.
Management is aware of the exaggerated price swings that occurred very
recently and believes that over time the fundamental asset values of the
company will reflect its accurate worth. As the reserves are proved up
and the leases in five states are properly valued, surely the present
market cap will be seen as still very under-valued for 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.
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