Hemisphere Energy Corporation
TSX VENTURE : HME

Hemisphere Energy Corporation

November 23, 2010 09:00 ET

Hemisphere Energy Announces Alberta Farm-in

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - Hemisphere Energy Corporation (TSX VENTURE:HME) is pleased to announce a farm-in agreement to earn lands in the Jenner area of southeastern Alberta. The agreement gives Hemisphere Energy a right to farm-in to 5 net sections of land with petroleum and natural gas rights to the base of the Mannville formation. Hemisphere Energy will pay 100 percent of the drilling costs subject to a convertible royalty and will drill the first well by February 15, 2011.

With this agreement, Hemisphere Energy now has access to over 11 gross sections of land in the Jenner area, which has multiple zones of potential, year round access and existing infrastructure. Drilling operations in the first quarter of 2011 will target oil bearing zones of the Mannville formation.

Hemisphere Energy has production from 14 wells, four Halfway liquid-rich natural gas wells on its Trutch property in northeast British Columbia and ten Edmonton Sand natural gas wells on its Sylvan Lake property in central Alberta. Hemisphere Energy has an inventory of low risk development drilling locations within its Trutch and Sylvan Lake properties.

Hemisphere Energy focuses on developing projects with low risk drilling opportunities, multiple zones of potential, and long-life reserves that will increase Hemisphere Energy's production, reserves and cash flow.

Hemisphere Energy's management and board of directors view the Jenner farm-in as an excellent project to complement its producing Trutch and Sylvan Lake properties in western Canada.

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
    (604) 685-9676 (FAX)
    www.hemisphereenergy.ca