VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2011) - Hemisphere Energy Corporation (News - Market indicators) is pleased to announce that it has entered into an agreement to acquire an additional working interest in its Trutch Property in northeast British Columbia. The acquisition includes a range of 10.5%-35% working interest in all wellbores, land and pipeline assets. Total consideration for the acquisition is $250,000 in cash and 100,000 Hemisphere Energy shares.
The closing of the transaction is anticipated to occur on or before August 31, 2011 and is subject to normal due diligence and regulatory acceptance.
Hemisphere Energy currently has production from four producing Halfway Formation liquid-rich natural gas wells on its Trutch Property in northeast British Columbia.
Hemisphere Energy is focused on building and developing core areas that provide low to medium risk drilling opportunities to increase production, reserves and cash flow.
HEMISPHERE ENERGY CORPORATION
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.
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.