NEW YORK, March 28, 2007 (PRIME NEWSWIRE) -- Wall Street Reporter Magazine has just published an exclusive interview with Keith A. Anderson, President and CEO of Hemi Energy Group Inc. (Pink Sheets:HMGP), updating the investment community on Hemi's recent drilling activity, equipment purchase, and long-term prospects.
"We found ourselves being blocked in on equipment availability, so we bought our own and we're going to do it in-house," Mr. Anderson told Wall Street Reporter senior analyst Matt Schilling about his company's recent purchase of a Pulstar P20000 truck to work over mature oilfield assets in Southeastern Kansas. "We'll bring this field back to life."
The 8-minute interview is now available at www.wallstreetreporter.com in streaming audio, MP3, and text format.
Highlights include detailed discussions of the following topics:
- The industry dynamics underlying Hemi's decision to buy and operate its own field equipment. - Recent progress toward redeveloping the field, including the "pretty good" test results from an initial well using modern completion techniques. - The field's history as a "vast" producer over nine decades (since 1916 to be exact) and its current status as something of a "jigsaw puzzle" with 2.2 million barrels of oil still in place. - The aggressive drilling program (about a well a week) Hemi has lined up for most of the remainder of 2007. - Management's wide-ranging and deep operational and administrative expertise. - Hemi's unique strategic focus is on identifying opportunities that offer attractive operational economies.
"We're doing it a little differently from other oil companies," Mr. Anderson told Wall Street Reporter. "We look at the oil and gas economics. We were operating here in Texas and we sold our assets simply because the economics were not as good as in Kansas. I think in Kansas, we can go through and do a drill, redevelopment, complete the well, and we're having to date approximately a 60-day payback on our investment. We haven't been able to find oilfield economics like that anyplace else in the United States."
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About Hemi Energy Group Inc.
An independent crude oil and natural gas producer, Hemi is employing a unique business model and capitalizing on technological advances to exploit mature fields with millions of barrels of proven oil remaining in the ground. Using attractive contract and lease/royalty packages, Hemi has secured tens of thousands of acres of productive, domestic projects. This creates an exciting new opportunity to help decrease America's dependency on foreign oil. Building on decades of experience in enhanced oil recovery, Hemi has successfully amassed a substantial and attractive portfolio of high-quality, domestic properties. The company's forward-thinking strategy has put it in an enviable position at a time when prices and global demand for oil continue to rise. Hemi's size and specialized focus in secondary and tertiary recovery operations offer a number of competitive advantages in the marketplace including minimal exploration risk, rapid portfolio growth, long-term sales contracts for both gas and oil, and responsible operations. Logistical concerns are streamlined through cutting-edge technologies and a very efficient business model, enabling Hemi to operate effectively and more efficiently than large oil companies.
Forward-Looking Statements
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.