Hemisphere Energy Corp. (TSXV:HME) announced that its 2012 summer drilling program resulted in the addition of two horizontal wells that allowed it to achieve a production record of 536 barrels of oil equivalent a day with a 94 percent oil and natural gas liquids weighting during the last week of August.
As quoted in the press release:
Hemisphere commenced its summer drilling program in July 2012 resulting in two horizontal wells that targeted the oil-bearing sandstones of the Glauconitic formation. The most recently drilled well has been producing since August 11, 2012 averaging approximately 172 barrels of oil per day (“bopd”) with a 6% water cut. The first well commenced production on August 1, 2012 averaging approximately 25 bopd with a 5% water cut.