Canadian oil and gas firm Hemisphere Energy has closed the acquisition of a producing property in the Wainwright area of southeastern Alberta.

The property includes 435 net acres of land and 68.75% of one producing Colony formation natural gas well.

The well has a current production rate of approximately 175mcf/d (29boe/d) gross or 120mcf/d (20boe/d) net to the company.

The company said that the Wainwright property acquisition is aligned with its strategy of focusing on building and developing core areas with multiple zones of potential that provide low to medium risk drilling opportunities to increase its production, reserves and cash flow.

The acquisition is viewed as an excellent project to complement the company’s activities in the Jenner area of Alberta and its producing properties in Sylvan Lake, Alberta and Trutch, British Columbia.