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Hemisphere Energy Corporation Closes First Tranche of Private Placement
Published : December 21, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Hemisphere Energy Corporation ("Hemisphere" or the "Company") (News - Market indicators) is pleased to announce the first tranche closing of its non-brokered private placement announced December 6, 2012 (the "Private Placement") and has issued 1,829,300 units at a price of C$0.65 per unit for total gross proceeds of C$1,189,045.

Each unit consists of one common share and one-half (1/2) of a non-transferable warrant, with each whole warrant to entitle the holder to purchase one common share at the price of C$0.90 per share until December 20, 2013. 

In conjunction with the closing of the Private Placement, Hemisphere issued 114,191 finders' warrants, each entitling the holder to purchase one common share at $0.90 until December 20, 2013. The Company also paid 7% in cash finders' fees on a portion of the funds raised under the Private Placement.

All securities issued in connection with the Private Placement are subject to a four month plus one day hold period, expiring April 21, 2013.

The net proceeds of the Private Placement will be used to fund drilling and other capital expenditures in Hemisphere's Jenner property in southeast Alberta and for general corporate purposes.

The Private Placement is subject to final regulatory approval.

About Hemisphere Energy Corporation

Hemisphere Energy Corporation is a junior exploration and production company focused on developing core areas that provide low to medium risk drilling opportunities to increase production, reserves and cash flow. Hemisphere's continued growth plan is through drilling existing prospects and executing strategic acquisitions and farm-ins. Hemisphere trades on the TSX Venture Exchange under the symbol "HME".

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 the closing of the Private Placement, 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 shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered hereby have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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.

Hemisphere Energy Corporation
Don Simmons
President & Chief Executive Officer
(604) 685-9255
info@hemisphereenergy.ca
www.hemisphereenergy.ca
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Hemisphere Energy Corp

CODE : HME.V
ISIN : CA4236301020
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Financings of Hemisphere Energy Corp
1/26/2013Closes Final Tranche of Private Placement
12/21/2012Closes First Tranche of Private Placement
11/15/2011Closes Private Placement
10/27/2011Announces Flow-Through Private Placement
8/30/2011Receives Proceeds from Warrant Exercise
5/4/2011Closes Private Placements
12/23/2010Closes Private Placement
12/1/2010Announces Flow-Through Private Placement
7/7/2010Announces Private Placement
12/23/2009Closes Private Placement and Provides Sylvan Lake Operationa...
12/14/2009Announces Private Placement and Provides Operational Update
12/2/2009Closes First Tranche of Private Placement and Attains Albert...
11/4/2009Announces Private Placement
9/28/2009Announces Intention to Amend Terms of Share Purchase Warrant...
12/15/2008Closes First Tranche of Private Placement
10/22/2008Announces Private Placement
Nominations of Hemisphere Energy Corp
5/27/2011Announces Appointment of Vice-President of Engineering and G...
10/11/2007 Appoints Vice President Exploration
Financials of Hemisphere Energy Corp
11/19/2013Announces Third Quarter 2013 Results
8/27/2013Announces Second Quarter 2013 Results
5/28/2013Announces First Quarter 2013 Results
1/17/2013Announces Positive Third Quarter Results and Operations Upda...
10/30/2012Announces Second Quarter Financial and Operating Results
1/31/2012Reports Third Quarter 2011 Results
Project news of Hemisphere Energy Corp
1/28/2014Completes Initial 2014 Drilling Program
1/6/2014Commences Winter Drilling Program
8/13/2013(Jenner)Commences Drilling in Jenner
4/25/2013Files Amended and Restated Business Acquisition Report
3/7/2013(Jenner)Commences Drilling in Jenner
11/28/2012(Jenner)Commences Fall Drilling Program in Jenner
7/10/2012(Jenner)Commences Summer Drilling Program in Jenner
4/18/2012(Jenner)Announces 206 BOPD Production Rate from Horizontal Well on J...
3/13/2012Completes Drilling and Commences Completion and Tie-in of We...
1/25/2012(Jenner)Announces New Farm-in on Jenner Property
1/10/2012Announces 207 BOPD Production Rate From Third Horizontal Wel...
11/23/2011Closes Acquisition of Trutch Property in Northeast British C...
11/15/2011(Jenner)Announces 156 BOPD Production Test From New Horizontal Well ...
7/21/2011(Jenner)Announces Initial Production Rate From First Horizontal Well...
7/5/2011(Jenner)Proceeds With Tie-in of First Horizontal Well in Jenner Prop...
6/29/2011(Jenner)Completes Drilling and Commences Completion of First Horizon...
6/28/2011Releases Reserve Reports
6/14/2011(Jenner)Commences Drilling on Jenner Property in Southeast Alberta
6/8/2011Announces Trutch Property Acquisition
4/1/2011(Jenner)Closes Jenner Oil Property Acquisition
3/16/2011(Jenner)Acquires Jenner Oil Property
2/28/2011(Wainwright)Announces Closing of Wainwright Property Acquisition
7/27/2010Closes Acquisition of Natura
Corporate news of Hemisphere Energy Corp
2/20/2014Announces 80 BOPD From First Atlee Buffalo Well
11/18/2013Closes Atlee Buffalo Acquisition and Reports Record Producti...
10/16/2013to Acquire Oil Assets in Southeast Alberta
10/15/2013Provides Operational Update
9/9/2013(Jenner)Tests 357 Boe/d Well in Jenner
6/11/2013Announces Results of Annual General Meeting
6/5/2013to Present at EPAC Oil & Gas Investor Showcase
5/14/2013Graduates to Tier 1 of the TSX Venture Exchange
4/24/2013Announces Increased Credit Facility
4/11/2013Announces Substantial Growth in 2012
4/9/2013(Jenner)Tests 400 boe/d Well in Jenner
3/21/2013Announces 90% Increase to Proved Reserves in 2012
12/14/2012Provides Operational Update
12/14/2012Provides Operational Update
12/6/2012Announces Non-Brok =?ISO-8859-1?Q?ered=20Private=20Placement...
11/14/2012Drills Two Successful Oil Wells
9/5/2012Drills Two Successful Oil Wells Adding 197 bopd
8/20/2012Announces Results of Annual General and Special Meeting of
7/25/2012Announces FirstQuarter Financial and Operating Results
7/5/2012Appoints Vice President of Exploration
6/26/2012Announces Year-End Financial and Reserves Results
6/19/2012Enters Into Seismic Option Agreement and Provides Operationa...
3/5/2012(Jenner)Spuds Farm-in Commitment Well at Jenner
1/30/2012(Jenner)Closes Brokered Private Placement and Strategic Jenner Oil P...
12/8/2011(Jenner)Announces Jenner Oil Property Acquisition and Brokered Priva...
12/6/2011(Jenner)Spuds Horizontal Oil Well at Jenner
9/7/2011Announces Results of Annual General Meeting
3/31/2011Announces $1,540,000 in Private Placements
11/23/2010Announces Alberta Farm-in
10/6/2010Engages Investor Relations Services
8/26/2010Closes Private P
9/2/2009Announces Results of Annual General Meeting
8/4/2009Closes Acquisition of Natural Gas Producing
5/4/2009Announces Sylvan Lake Acquisition
4/27/2009announces effective date of Name Change and Share Consolidat...
11/4/2008Announces Trutch Winter Drilling Program
10/20/2008rutch Project Update
7/7/2008Annual Financial & Reserve Results on SEDAR
12/11/2007FIRST GAS WELL OF THE SEASON
11/15/2007FIRST GAS WELL OF THE SEASON LICENSED
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TSX-V (HME.V)Other OTC (HMENF)
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