Hemisphere Energy Corporation
TSX VENTURE : HME

Hemisphere Energy Corporation

September 02, 2009 13:29 ET

Hemisphere Energy Announces Results of Annual General Meeting and Closes Second Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2009) - Hemisphere Energy Corporation (TSX VENTURE:HME) is pleased to announce the results of the Annual General Meeting of its shareholders held on August 20, 2009, as follows:

(a) each of Management's nominees for director, being Don Simmons, Charles O'Sullivan, Greg Sadler, Bruce McIntyre, Frank Borowicz, Ken Maddison and Gregg Vernon, was re-elected a director;

(b) Smythe Ratcliffe LLP were re-appointed as Auditors;

(c) shareholders approved the renewal of Hemisphere Energy's Incentive Stock Option Plan

The Company is also pleased to announce the addition of Robert Culbert to the advisory committee. Robert was a director of Athlone Energy and and an officer of Frontier Pacific Mining Corporation. Mr. Culbert has over 35 years business experience on a domestic and international spectrum.

On September 1, 2009, the Company successfully closed the second tranche of its private placement announced May 25, 2009. This tranche consisting of the sale of 275,000 units at $0.25 per unit, for proceeds of $68,750. Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.35 until September 1, 2010. The proceeds raised will be used for financing acquisitions, oil and gas operations and general working capital purposes. All of the securities issued in connection with the closing of this second tranche are subject to a hold period in Canada until January 2, 2010.

Hemisphere Energy has production from 13 wells and has an inventory of numerous low risk development drilling locations within its properties in the Trutch area of northeast British Columbia and the Sylvan Lake property in central Alberta. The Company continues to focus on developing projects with low risk drilling opportunities, multiple zones of potential and long-life reserves that will continue to increase the Company's production, reserves and cash flow.

The Company's management and board view the market conditions as providing an excellent opportunity to aggressively pursue value-added acquisitions. Hemisphere Energy continues to evaluate numerous opportunities that complement its producing Trutch and Sylvan Lake properties in western Canada.

Hemisphere Energy is committed to building a strong and successful oil and gas company through its experienced management and directors and will continue to grow its cash flow, production and reserves, while maintaining a low overhead.

HEMISPHERE ENERGY CORPORATION

Don Simmons, President & CEO

Forward-looking Statements

This news release contains "forward-looking statements" that are based on Hemisphere's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding Hemisphere's outlook for our future operations, plans and timing for the commencement or advancement of exploration and development activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Hemisphere. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by Hemisphere will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Hemisphere disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.

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.

Contact Information

  • Hemisphere Energy Corporation
    Don Simmons
    President and CEO
    (604) 685-9255 or 1-800-449-4435
    (604) 685-9676 (FAX)
    www.hemisphereenergy.ca