Hemisphere Energy Corp., Vancouver, BC, has closed a $3.35 million acquisition of oil and gas assets in the Atlee Buffalo area of southeastern Alberta.
Hemisphere plans to apply its technical experience and successful track record in drilling horizontal wells and implementing pressure maintenance programs to achieve higher recovery factors.
The acquisition gives the company 100% working interest in 8.25 contiguous sections covering two significant Glauconitic oil pools about 25 km east of Hemisphere’s core Jenner oil producing property.
Estimated original oil in place on the acquired properties based on Hemisphere’s internal mapping was as much as 49 million bbl, of which only 4% has been recovered.
The properties produce 60 b/d of oil equivalent, 75% oil, and have proved plus probable reserves of 224 million boe. As many as 75 horizontal drilling locations are identified, and upside reserve potential exists with implementation of waterflooding and-or polymer flooding.