Latest news with #Hemisphere
Associated Press
2 days ago
- Business
- Associated Press
Hemisphere Energy Announces 2025 Second Quarter Results, Declares Quarterly Dividend, and Provides Operations Update
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2025) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ('Hemisphere' or the 'Company') provides its financial and operating results for the second quarter ended June 30, 2025, declares a quarterly dividend payment to shareholders, and provides operations update. Q2 2025 Highlights [This table cannot be displayed. Please visit the source.] Selected financial and operational highlights should be read in conjunction with Hemisphere's unaudited condensed interim consolidated financial statements and related notes, and the Management's Discussion and Analysis for the three months ended June 30, 2025 which are available on SEDAR+ at and on Hemisphere's website at All amounts are expressed in Canadian dollars unless otherwise noted. Financial and Operating Summary [This table cannot be displayed. Please visit the source.] [This table cannot be displayed. Please visit the source.] Quarterly Dividend Hemisphere is pleased to announce that its Board of Directors has approved a quarterly base cash dividend of $0.025 per common share in accordance with the Company's dividend policy. The dividend will be paid on September 12, 2025 to shareholders of record as of the close of business on August 29, 2025. The dividend is designated as an eligible dividend for income tax purposes. Operations Update With significant volatility in the economy and oil markets earlier this year, Hemisphere elected to defer the majority of its capital spending into the latter third of the year. With relatively flat base production, the Company has focused on balance sheet strength and shareholder returns through its share buyback program, base quarterly dividends, and the announcements of two special dividends year-to-date. The Company's drilling program is now scheduled to commence late in the third quarter. It will include several development wells in Atlee Buffalo in addition to at least one new well in Marsden, which will test a second oil-bearing zone on Hemisphere's lands adjacent to its oil treating facilities and active polymer pilot project. Management will continue to closely monitor oil market volatility and adjust capital spending accordingly. With almost $14 million in working capital, an undrawn credit line, and stable cash flow from its production base, Hemisphere is in a unique position to act on potential acquisition opportunities and continued shareholder returns in addition to executing its drilling program. EnerCom Denver Conference Ms. Ashley Ramsden-Wood, Chief Development Officer of Hemisphere, will be presenting at the EnerCom Denver Conference on Tuesday, August 19 at 2:45 pm Mountain Daylight Time (1:45 pm Pacific Daylight Time). The presentation will be livestreamed on EnerCom's website at (Confluence C) and archived on Hemisphere's website at About Hemisphere Energy Corporation Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, ultra-low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol 'HME' and on the OTCQX Venture Marketplace under the symbol 'HMENF'. For further information, please visit the Company's website at to view its corporate presentation or contact: Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: [email protected] Website: Forward-looking Statements Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as 'anticipate', 'continue', 'estimate', 'expect', 'forecast', 'may', 'will', 'project', 'could', 'plan', 'intend', 'should', 'believe', 'outlook', 'potential', 'target' and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements including that Hemisphere's drilling program is now scheduled to commence late in the third quarter and will include several development wells in Atlee Buffalo in addition to at least one new well in Marsden, which will test a second oil-bearing zone on Hemisphere's lands; that Hemisphere may adjust capital spending depending on oil market volatility; that Hemisphere is in a unique position to act on potential acquisition opportunities and continued shareholder returns; and that a dividend will be paid September 12, 2025 to shareholders of record as of the close of business on August 29, 2025. Forward‐looking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; that results from drilling and development activities are consistent with past operations; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Hemisphere's reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products. The forward‐looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward‐looking statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Hemisphere's products, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere's properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere's oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time‐to‐time in Hemisphere's public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere's Annual Information Form). The forward‐looking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Non-IFRS and Other Financial Measures This news release contains the terms adjusted funds flow from operations, free funds flow, capital expenditures, operating field netback, operating netback, and working capital/net debt, which are considered 'non-IFRS financial measures' and any of these measures calculated on a per boe basis, which are considered 'non-IFRS financial ratios'. These terms do not have a standardized meaning prescribed by IFRS. Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) or cashflow from operations determined in accordance with IFRS and these measures should not be considered more meaningful than IFRS measures in evaluating the Company's performance. a)Adjusted funds flow from operations ('AFF') (Non-IFRS Financial Measure and Ratio if calculated on a per share or boe basis): The Company considers AFF to be a key measure that indicates the Company's ability to generate the funds necessary to support future growth through capital investment and to repay any debt. AFF is a measure that represents cash flow generated by operating activities, before changes in non-cash working capital and adjusted for decommissioning expenditures and may not be comparable to measures used by other companies. The most directly comparable IFRS measure for AFF is cash provided by operating activities. AFF per share is calculated using the same weighted-average number of shares outstanding as in the case of the earnings per share calculation for the period. A reconciliation of AFF to cash provided by operating activities is presented as follows: [This table cannot be displayed. Please visit the source.] b)Free funds flow ('FFF') (Non-IFRS Financial Measure): Calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free funds flow provides a useful measure to determine Hemisphere's ability to improve returns and to manage the long-term value of the business. [This table cannot be displayed. Please visit the source.] c)Capital Expenditures (Non-IFRS Financial Measure): Management uses the term 'capital expenditures' as a measure of capital investment in exploration and production assets, and such spending is compared to the Company's annual budgeted capital expenditures. The most directly comparable IFRS measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures is set forth below: [This table cannot be displayed. Please visit the source.] d)Operating field netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): A benchmark used in the oil and natural gas industry and a key indicator of profitability relative to current commodity prices. Operating field netback is calculated as oil and gas sales, less royalties, operating expenses, and transportation costs on an absolute and per barrel of oil equivalent basis. These terms should not be considered an alternative to, or more meaningful than, cash flow from operating activities or net income or loss as determined in accordance with IFRS as an indicator of the Company's performance. e)Operating netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Calculated as the operating field netback plus the Company's realized gain (loss) on derivative financial instruments on an absolute and per barrel of oil equivalent basis. f)Working Capital/Net debt (Non-IFRS Financial Measure): Closely monitored by the Company to ensure that its capital structure is maintained by a strong balance sheet to fund the future growth of the Company. Working capital/Net debt is used in this document in the context of liquidity and is calculated as the total of the Company's current assets, less current liabilities, excluding derivative financial instruments, decommissioning obligations, lease liabilities, and tax provisions, and including any bank debt. There is no IFRS measure that is reasonably comparable to working capital/net debt. The following table outlines the Company calculation of working capital/net debt: [This table cannot be displayed. Please visit the source.] g)Supplementary Financial Measures and Non-IFRS Ratios 'Adjusted Funds Flow from operations per basic share' is comprised of funds from operations divided by basic weighted average common shares. 'Adjusted Funds Flow from operations per diluted share' is comprised of funds from operations divided by diluted weighted average common shares. 'Annual Free Funds Flow' is comprised of free funds flow from the current three-month period multiplied by four. 'Operating expense per boe' is comprised of operating expense, as determined in accordance with IFRS, divided by the Company's total production. 'Realized heavy oil price' is comprised of heavy crude oil commodity sales from production, as determined in accordance with IFRS, divided by the Company's crude oil production. 'Realized natural gas price' is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, divided by the Company's natural gas production. 'Realized combined price' is comprised of total commodity sales from production, as determined in accordance with IFRS, divided by the Company's total production. 'Royalties per boe' is comprised of royalties, as determined in accordance with IFRS, divided by the Company's total production. 'Transportation costs per boe' is comprised of transportation expense, as determined in accordance with IFRS, divided by the Company's total production. The Company has provided additional information on how these measures are calculated in the Management's Discussion and Analysis for the year ended December 31, 2024 and the interim period ended June 30, 2025, which are available under the Company's SEDAR+ profile Oil and Gas Advisories Any references in this news release to initial production rates (including as a result of recent water or polymer flood activities) are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Such rates are based on field estimates and may be based on limited data available at this time. A barrel of oil equivalent ('boe') may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Definitions and AbbreviationsTo view the source version of this press release, please visit
IOL News
01-07-2025
- IOL News
Police seek leads after a man was brutally murdered near Beitbridge port of entry
The deceased man, believed to be a Zimbabwean national, was wearing white All Star sneakers, blue jeans, black Hemisphere tracksuit top, with an RJ brown belt. Image: Phill Magakoe Police at Musina have launched a manhunt following the discovery of the body of a murdered man in bushes behind the Limpopo truck park near the Beitbridge port of entry. The brutal murder was reported on Monday, according to provincial police spokesperson, Colonel Malesela Ledwaba. 'Police responded to the scene and, upon arrival, discovered the lifeless body of an African male with multiple gunshot wounds to the head. A projectile was recovered at the scene,' said Ledwaba. Police said the motive for the brutal murder is currently unknown, and the killers are still at large. 'The deceased was found wearing white All Star sneakers, blue jeans, black Hemisphere tracksuit top, RJ brown belt, and a black Uzzi sporty that was also found lying on the ground next to the body,' said Ledwaba. 'At this stage, the identity of the deceased is unknown, but he is believed to be a Zimbabwean national aged between 35 and 40.' Police in Limpopo are appealing to members of the community to assist in identifying the deceased or providing any information that may lead to the arrest of the killers. 'Anyone with relevant information is urged to contact the investigating officer, Captain Moloko Setjie at 082 565 7889, nearest police station or call the Crime Stop number 08600 10111. Alternatively, information may be shared via the My SAPS App and can be provided anonymously,' said Ledwaba. Meanwhile, provincial commissioner of police in Limpopo, Lieutenant General Thembi Hadebe, has condemned the violent act and urged the public to support police efforts in bringing the perpetrators to justice. Get your news on the go, click here to join the IOL News WhatsApp channel. Earlier, IOL reported that a 40-year-old Limpopo man, Lesiba David Ledwaba, made his initial appearance before the Seshego Magistrate's Court on Monday, accused of killing his 87-year-old mother. Lesiba Ledwaba was arrested following the brutal murder of his octogenarian mother in Sebora Village, in the Mashashane policing precinct. In court, the case was postponed to 9 July 2025 for a formal bail application. Colonel Ledwaba, said the murder incident was discovered on Saturday afternoon. 'Police on the afternoon of Saturday, 28 June 2025, responded to the complaint of a missing person from a neighbour who was worried that the 87-year-old was not seen for over two days,' he said. After receiving the report, police officers immediately went to the home of the missing 87-year-old woman. 'Upon investigation, they were met by a very disturbing scene, where they discovered the woman's dismembered body parts placed inside the plastic buckets,' said Ledwaba. Several items that were allegedly used in the brutal murder were also found at the scene. Lesiba Ledwaba was arrested immediately after he could not give police a satisfactory explanation of the gruesome act. [email protected] IOL News
Yahoo
02-06-2025
- Business
- Yahoo
Hemisphere Energy Announces Results from Annual General and Special Meeting of Shareholders
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2025) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") announces the results of its Annual General and Special Meeting of Shareholders ("AGSM") that was held today. A total of 41,688,604 common shares were voted at the AGSM, representing 43.07% of total shares issued and outstanding as at the April 14, 2025 record date of the AGSM. Shareholders voted in favour of all items considered at the AGSM, including: Fix the Number of Directors: The number of directors of the Company was set at six (6). Election of Directors: The following individuals were elected to the Board of Directors of the Company for the ensuing year: Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman. Appointment of Auditor: Shareholders approved the reappointment of KPMG LLP as auditors of the Company for the ensuing year at a remuneration to be fixed by the Board of Directors. Approval of Amended and Restated Stock Option Plan: Shareholders passed an ordinary resolution ratifying, confirming and approving the Company's Amended and Restated Stock Option Plan. Approval of Bonus Award Incentive Plan: Shareholders passed an ordinary resolution ratifying, confirming and approving the Company's Bonus Award Incentive Plan. Ratification of RSU Grants: Disinterested Shareholders passed an ordinary resolution approving, confirming and ratifying the grant of an aggregate of 1,221,000 restricted share units. About Hemisphere Energy CorporationHemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, ultra-low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME" and on the OTCQX Venture Marketplace under the symbol "HMENF". For further information, please visit the Company's website at to view its corporate presentation or contact: Don Simmons, President & Chief Executive OfficerTelephone: (604) 685-9255Email: info@ Website: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. To view the source version of this press release, please visit Sign in to access your portfolio
Broadcast Pro
02-06-2025
- Entertainment
- Broadcast Pro
ATV Distribution brings Turkish series ‘A Little Sunshine' to US audiences
The deal marks the US premiere of 'A Little Sunshine', adding the Turkish drama to Hemisphere Media Group's lineup for Hispanic audiences. ATV Distribution has signed a new licensing agreement with Hemisphere Media Group to bring its acclaimed Turkish drama A Little Sunshine to viewers in the United States. The series, which delves into themes of motherhood, family and life-altering secrets, is set to premiere on Hemisphere's platforms, marking another step in ATV's global expansion. Muge Akar, Head of Sales at ATV Distribution, said: 'We are proud to see A Little Sunshine expand its reach through this partnership with Hemisphere. The series's emotional depth and universal themes make it highly relatable to global audiences. We believe it will resonate deeply with viewers and strengthen our growing presence in international markets.' Marina Dimitrius, VP Pay TV & Cable Networks for Hemisphere Media Group, added: 'We're committed to bringing US Hispanic audiences the most compelling stories and premium productions from around the world. We're thrilled that our long-standing partnership with ATV Distribution allows us to showcase 'A Little Sunshine' on our telenovela and dramatic series platforms, reaffirming that commitment to our viewers.' The drama centers on Elif, a woman whose world is turned upside down following the sudden death of her husband. As she grapples with grief, she discovers shocking truths about his hidden life, including unknown debts and a mysterious child registered under her name. With the help of Fırat, a powerful figure from her husband's past, Elif begins a challenging yet transformative journey through betrayal, unexpected motherhood, and emotional healing. Featuring a strong female lead and rich storytelling, A Little Sunshine continues ATV Distribution's tradition of producing impactful Turkish dramas that explore the complexities of human relationships and personal resilience.
Associated Press
17-04-2025
- Business
- Associated Press
Hemisphere Energy Announces 2024 Fourth Quarter and Year-End Financial and Operating Results
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2025) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ('Hemisphere' or the 'Company') is pleased to provide its financial and operating results for the fourth quarter and year ended December 31, 2024. 2024 Highlights Note: (1)Non-IFRS financial measure that is not a standardized financial measure under International Financial Reporting Standards ('IFRS') and may not be comparable to similar financial measures disclosed by other issuers. Refer to 'Non-IFRS and Other Financial Measures' section below. Financial and Operating Summary Selected financial and operational highlights should be read in conjunction with Hemisphere's audited consolidated financial statements and related Management's Discussion and Analysis for the year ended December 31, 2024. These reports, including the Company's Annual Information Form for the year ended December 31, 2024, are available on SEDAR+ at and on Hemisphere's website at All amounts are expressed in Canadian dollars unless otherwise noted. [This table cannot be displayed. Please visit the source.] Note: (1)Non-IFRS financial measure that is not a standardized financial measure under IFRS Accounting Standards ('IFRS') and may not be comparable to similar financial measures disclosed by other issuers. Refer to 'Non-IFRS and Other Financial Measures' section of the MD&A. [This table cannot be displayed. Please visit the source.] Operations Update and Outlook 2024 marked another strong year for Hemisphere, with record production levels of over 3,400 boe/d (99% heavy oil), near record AFF of $45.8 million, record shareholder returns of over $21 million ($0.21/share) through dividends and share buybacks, and an increase in its net cash position at year end to $6.4 million. The Company's first quarter 2025 field estimated production has since grown to 3,800 boe/d (99% heavy oil) through continued success of its polymer floods, despite no new wells being drilled since the third quarter of 2024. Given the strong financial position and performance outlook of the Company, Hemisphere recently announced a special dividend of C$0.03 per common share to be paid on April 28, 2025 to shareholders of record on April 17, 2025. In 2024, Hemisphere's total dividend payments to shareholders of C$0.16 per common share included two special dividends of C$0.03 per common share (in each of July and November), in addition to the base annual dividend of C$0.10 per common share. These special dividends are an important part of Hemisphere's overall shareholder return model. As seen over the first two weeks of April, pricing outlook for the oil market is experiencing significant volatility influenced by geopolitical developments, supply-demand dynamics, and trade tensions. Hemisphere's 2025 budget is extremely flexible with minimal capital spending planned until summer. The Company's robust balance sheet, ultra-low decline assets, and limited sustaining capital requirements for 2025 position Hemisphere well to withstand these economic headwinds. About Hemisphere Energy Corporation Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol 'HME' and on the OTCQX Venture Marketplace under the symbol 'HMENF'. For further information, please visit the Company's website at to view its corporate presentation or contact: Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: [email protected] Website: Forward-Looking Statements Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities legislation. Forward-Looking statements are typically identified by words such as 'anticipate', 'continue', 'estimate', 'expect', 'forecast', 'may', 'will', 'project', 'could', 'plan', 'intend', 'should', 'believe', 'outlook', 'potential', 'target' and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements that a special dividend will be paid to shareholders on April 28, 2025 to shareholders of record on April 17, 2025; Hemisphere's intention to have minimal capital spending until summer; and the Company's view that its robust balance sheet, ultra-low decline assets, and limited sustaining capital requirements for 2025 position Hemisphere well to withstand economic headwinds. Forward‐Looking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; that results from drilling and development activities are consistent with past operations; current budgets; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Hemisphere's reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; trade and tariff matters, including the impacts on costs and supply chains; and the ability of Hemisphere to successfully market its oil and natural gas products. The forward‐looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward‐looking statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Hemisphere's products, changes in Hemisphere's budget, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere's properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere's oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time‐to‐time in Hemisphere's public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere's Annual Information Form). The forward‐looking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. This MD&A contains the terms adjusted funds flow from operations, free funds flow, operating field netback and operating netback, capital expenditures and working capital/net debt, which are considered 'non-IFRS financial measures' and any of these measures calculated on a per boe basis, which are considered 'non-IFRS financial ratios'. These terms do not have a standardized meaning prescribed by IFRS. Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) or cashflow from operations determined in accordance with IFRS and these measures should not be considered more meaningful than IFRS measures in evaluating the Company's performance. a)Adjusted funds flow from operations 'AFF' (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): The Company considers AFF to be a key measure that indicates the Company's ability to generate the funds necessary to support future growth through capital investment and to repay any debt. AFF is a measure that represents cash flow generated by operating activities, before changes in non-cash working capital and adjusted for tax provision and decommissioning expenditures, and may not be comparable to measures used by other companies. The most directly comparable IFRS measure for AFF is cash provided by operating activities. AFF per share is calculatedusing the same weighted-average number of shares outstanding as in the case of the earnings per share calculation for the period. A reconciliation of AFF to cash provided by operating activities is presented as follows: [This table cannot be displayed. Please visit the source.] (1)Provision for income taxes deferred under new corporate partnership structure effective as of January 2, 2024. b)Free funds flow ('FFF') (Non-IFRS Financial Measures): Calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free funds flow provides a useful measure to determine Hemisphere's ability to improve returns and to manage the long-term value of the business. [This table cannot be displayed. Please visit the source.] c)Capital Expenditures (Non-IFRS Financial Measure): Management uses the term 'capital expenditures' as a measure of capital investment in exploration and production assets, and such spending is compared to the Company's annual budgeted capital expenditures. The most directly comparable IFRS measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures is set forth below: [This table cannot be displayed. Please visit the source.] d)Operating field netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): A benchmark used in the oil and natural gas industry and a key indicator of profitability relative to current commodity prices. Operating field netback is calculated as oil and gas sales, less royalties, operating expenses, and transportation costs on an absolute and per barrel of oil equivalent basis. These terms should not be considered an alternative to, or more meaningful than, cash flow from operating activities or net income or loss as determined in accordance with IFRS as an indicator of the Company's performance. e)Operating netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Calculated as the operating field netback plus the Company's realized gain (loss) on derivative financial instruments on an absolute and per barrel of oil equivalent basis. f)Working capital/Net debt (Non-IFRS Financial Measure): Closely monitored by the Company to ensure that its capital structure is maintained by a strong balance sheet to fund the future growth of the Company. Working capital/net debt is used in this document in the context of liquidity and is calculated as the total of the Company's current assets, less current liabilities, excluding derivative financial instruments, decommissioning obligations, and lease liabilities, adjusted for tax provision and including any bank debt. There is no IFRS measure that is reasonably comparable to working capital/net debt. The following table outlines the Company calculation of net debt: [This table cannot be displayed. Please visit the source.] Notes: (1)Excluding fair value of financial instruments, decommissioning obligations, and lease liabilities. (2)Provision for income taxes deferred under new corporate partnership structure effective as of January 2, 2024. g)Supplementary Financial Measures and Ratios 'Adjusted Funds Flow from operations per basic share' is comprised of funds from operations divided by basic weighted average common shares. 'Adjusted Funds Flow from operations per diluted share' is comprised of funds from operations divided by diluted weighted average common shares. 'Annual Free Funds Flow' is comprised of free funds flow from the current three-month period multiplied by four. 'Operating expense per boe' is comprised of operating expense, as determined in accordance with IFRS, divided by the Company's total production. 'Realized heavy oil price' is comprised of heavy crude oil commodity sales from production, as determined in accordance with IFRS, divided by the Company's crude oil production. 'Realized natural gas price' is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, divided by the Company's natural gas production. 'Realized combined price' is comprised of total commodity sales from production, as determined in accordance with IFRS, divided by the Company's total production. 'Royalties per boe' is comprised of royalties, as determined in accordance with IFRS, divided by the Company's total production. 'Transportation costs per boe' is comprised of transportation expenses, as determined in accordance with IFRS, divided by the Company's total production. The Company has provided additional information on how these measures are calculated in the Management's Discussion and Analysis for the year ended December 31, 2024, which is available under the Company's SEDAR+ profile Oil and Gas Advisories Any references in this news release to initial production rates (including as a result of recent water or polymer flood activities) are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Such rates are based on field estimates and may be based on limited data available at this time. A barrel of oil equivalent ('boe') may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Definitions and AbbreviationsTo view the source version of this press release, please visit
