The proven oil reserve as submitted by Geosystems Engineering, Inc., Dallas, Texas to Hemi Energy Group, Inc. is 2.15 million proved BOE and the probable reserve of 5.1 million BOE for Hemi's five leases in Woodson County, Kansas. The total potential reserves are 7.2 million Barrels Of (oil) Equivalent for this report.
Hemi does not yet have the formal written report, therefore, we are releasing only the basic conclusions of the reserve report about the proven and probable oil reserves in BOE's for only the five Woodson County leases with mature oil wells. Hemi is very excited about the conclusions for both of the oil reserves in the report.
However, Hemi needs to see all of the information, including geological make up of the formations, engineering reports, economic and valuation variables along with any other pertinent data, before Hemi accepts the formal independent geological reserve report. After Hemi management has had an opportunity to read and study the entire written report they will release any additional information which is relevant to the oil reserves on these leases in Woodson County, Kansas.
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, 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.
Building on decades of experience in enhanced oil recovery, Hemi has successfully amassed a substantial and attractive portfolio of these high-quality domestic properties. By streamlining operations through cutting-edge technologies, Hemi has the ability to operate more effectively and efficiently than larger oil companies.
"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.
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Source: Hemi Energy Group, Inc.
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