Hemi Energy Group Inc. (fka HMGP)

[sneaky2]

After reading the below pr I find it hard to believe that Hemi is selling shares. It states they are REMAINING DEBT FREE. If Hemi did sell shares for whatever reason at least at this point in time they are DEBT FREE.







FORT WORTH, Texas--(BUSINESS WIRE)--Hemi Energy Group, Inc. (Pink Sheets: HMGP) today announced that on October 15, 2008 it completed the previously announced sale of its Wyoming leases. Net proceeds to Hemi, after expenses and other customary adjustments, were $475,000. Net proceeds will be used to continue developmental drilling programs in Woodson County, Kansas.

Keith A. Anderson, Hemi's President and CEO, stated: “Hemi is continuing to liquidate our non core lease acreage, in order to strengthen our cash reserves, remain a debt free operating company while focusing our energy and capital on developmental activities with our core leases in Woodson County, Kansas."