VANCOUVER,
BRITISH COLUMBIA--(Marketwire - Sept. 28, 2009) - Hemisphere Energy
Corporation (TSX VENTURE:HME) ("Hemisphere") announces that
it intends to make application to the TSX Venture Exchange to amend the
terms of certain outstanding share purchase warrants issued as part of
a private placement, as disclosed in the following table (after giving
effect to the "one (1) new for five (5) old" share
consolidation made effective on April 24, 2009):
----------------------------------------------------------------- Number of Original Original Proposed Proposed Warrants Exercise Expiry Amended Expiry Outstanding Price Date Exercise Price Date ----------------------------------------------------------------- 175,000 $0.75 December 12, $0.30 December 12, 2009 2010 ----------------------------------------------------------------- 35,000 $0.75 January 6, $0.30 December 12, 2010 2010 -----------------------------------------------------------------
Pursuant
to the provision of TSX Venture Exchange Policy 4.1, these warrants
which are to be re-priced will have their exercise period shortened to
a period of 30 days if, for ten consecutive trading days (the
"Premium Trading Days"), the closing price of Hemisphere's
shares is $0.375 or greater- this 30 day period will commence 7
calendar days after the tenth Premium Trading Day.
The proposed amendments to the warrants as disclosed herein are subject
to the holders of the warrants consenting to the amendments, as well as
to Hemisphere receiving acceptance from the TSX Venture Exchange for
these amendments.
Hemisphere also announces the granting of incentive stock options to
various, directors, officers employees and consultants under its
Incentive Stock Option Plan, entitling them to purchase up to a total
of 475,000 shares at a price of $0.27 for a period of five years.
Hemisphere Energy has production from 13 wells and has an inventory of
numerous low risk development drilling locations within its properties
in the Trutch area of northeast British Columbia and the Sylvan Lake
property in central Alberta. The Company continues to focus on
developing projects with low risk drilling opportunities, multiple
zones of potential and long-life reserves that will continue to
increase the Company's production, reserves and cash flow.
The Company's management and board view the market conditions as
providing an excellent opportunity to aggressively pursue value-added
acquisitions. Hemisphere Energy continues to evaluate numerous
opportunities that complement its producing Trutch and Sylvan Lake
properties in western Canada.
Hemisphere Energy is committed to building a strong and successful oil
and gas company through its experienced management and directors and
will continue to grow its cash flow, production and reserves, while
maintaining a low overhead.
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.
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