Hemisphere Energy Corporation

Hemisphere Energy Corporation

August 29, 2011 14:15 ET

Hemisphere Energy Receives Proceeds from Warrant Exercise

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2011) - Hemisphere Energy Corporation (TSX VENTURE:HME) announces that it has received $1,601,385 in proceeds on the exercise of 5,337,950 warrants at $0.30 per share. The exercised warrants represent all the issued warrants that were expiring on August 25, 2011.

The funds received will be used to finance further drilling activities on the Jenner property in southeast Alberta, where Hemisphere is targeting oil-bearing sandstones of the Glauconitic formation on its land base of over 6900 net acres.

Hemisphere currently has oil production from its Jenner property in southeast Alberta, natural gas production from its Sylvan Lake and Wainwright properties in central Alberta and liquids-rich natural gas production from its Trutch property in northeast British Columbia.

Hemisphere is focused on building and developing core areas that provide low to medium risk drilling opportunities to increase production, reserves and cash flow.


Don Simmons, P.Geol., 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.

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)