Hemisphere Energy Corporation

Hemisphere Energy Corporation

December 22, 2010 17:30 ET

Hemisphere Energy Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) - Hemisphere Energy Corporation (TSX VENTURE:HME) is pleased to announce the successful closing of its private placement announced December 1, 2010. This private placement consisted of the sale of 2.5 million flow-through shares at $0.30 per share for proceeds of $750,000. The proceeds raised will be used for exploration and development activities.

All of the securities issued in connection with the closing of this private placement are subject to a hold period until April 22, 2011.

Hemisphere Energy recently entered into a farm-in agreement to earn lands in the Jenner area of southeastern Alberta. Drilling operations are planned for the first quarter of 2011. Hemisphere is targeting 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 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's production, reserves and cash flow.


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)