VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2011) - Hemisphere Energy Corporation (News - Market indicators) is pleased to announce that it has closed the acquisition of the producing property in the Wainwright area of southeastern Alberta. The property includes 435 net acres of land and 68.75% of one producing Colony formation natural gas well. The well has a current production rate of approximately 175 mcf/d (29 boe/d) gross or 120 mcf/d (20 boe/d) net to the company.
The Wainwright property acquisition is aligned with Hemisphere's strategy of focusing on building and developing core areas with multiple zones of potential that provide low to medium risk drilling opportunities to increase Hemisphere Energy's production, reserves and cash flow.
Hemisphere Energy's management and board view the Wainwright acquisition as an excellent project to complement the Company's activities in the Jenner area of southeastern Alberta and its producing properties in Sylvan Lake, Alberta and Trutch, British Columbia.
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.
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