Hemisphere Energy Corporation

Hemisphere Energy Corporation

March 29, 2011 10:30 ET

Hemisphere Energy Closes Jenner Oil Property Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2011) - Hemisphere Energy Corporation (TSX VENTURE:HME) is pleased to announce it has closed the acquisition of the oil producing Jenner property in southeastern Alberta for $1.1 Million, as originally announced on March 16, 2011.

Through the Jenner acquisition Hemisphere acquires production of approximately 25 barrels of oil per day, associated facilities and infrastructure and 100% working interest in 2,600 acres of land. A 3D seismic survey that covers a portion of the acquired lands was included in the acquisition.

The Jenner property provides Hemisphere with an opportunity to increase oil production through the drilling of development wells and the optimization of existing wellbores. Hemisphere has already identified and licenced one drilling location on the new lands and plans to select and licence several more drilling locations targeting previously identified oil prospects.

The Jenner acquisition increases Hemisphere's land position in the Jenner area and enables the Company to control the drilling, development and exploration of its land base in the region. This acquisition is strategically aligned with Hemisphere's focus of establishing core areas to grow oil production in southeast Alberta. These core areas have multiple zones of potential that provide low to medium risk drilling opportunities that will increase Hemisphere's production, reserves and cash flow.


Don Simmons, President & CEO

For further information on Hemisphere Energy Corporation, visit our website www.hemisphereenergy.ca.

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)