Hemisphere Energy Corporation (OTCMKTS:HMENF) Release Q4 Earnings: Stock Flat

Hemisphere Energy Corporation (OTCMKTS:HMENF) is moving in a range after announcing operating and financial results for Q4 ending December 31, 2021.

Market Reaction

On Wednesday, HMENF stock gained 1.75% to $1.17 with 248k shares, compared to its average volume of 123k shares. The stock moved within a range of $1.1200 – 1.1700 after opening trade at $1.15.

Hemisphere Energy Announces 2021 Fourth Quarter and Year-End Financial and Operating Results

The company increased its yearly production to record levels of 1,820 boe/d and ended 2021 with a production average in December of 2,500 boe/d. Annual revenue was up 131% YoY to $42.1 million, and the company reported annual adjusted funds to flow from operations of $18.5 million, representing a YoY increase of 99%. In 2021 the company successfully executed a $12 million CAPEX program with seven new wells, polymer skid installation, and facility expansion.

Also, the company attained transportation and operating costs of $12.43/boe and enhanced Proved Developed Producing (PDP)NPV10 BT reserve value to almost $197 million with volumes of 7.3 MMboe (approximately 99.8% heavy crude). Proved (1P) NPV10 BT reserve value also increased to $276 million with volumes of 12 MMboe, and Proved plus Probable (2P) NPV10 BT reserve value was up to $351 million with volumes of 14.9 MMboe. So in the coming weeks, investors should watch HMENF.

Traders Review

HMENF stock is trading above the 20-Day and 50-Day Moving averages of $1.15 and $84 respectively. However, the stock is trading below the 200-Day moving average of $1.19.


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