Hemisphere has finished drilling three horizontal wells targeting the oil-bearing sandstones of the Glauconitic formation. Each horizontal well targeted a different oil pool within the Company’s core Jenner area. A completion rig has been mobilized to Jenner to begin completion operations. Production results from these three new oil wells will be announced as they become available.
Hemisphere is very pleased with its growth and 2012 successes. In January, the Company completed a strategic acquisition with additional oil processing facilities, land and 3D seismic coverage. Throughout the year, Hemisphere successfully drilled eight wells, expanded its core landholdings through crown land sales and executed two separate strategic farm-in agreements.
Hemisphere continues to plan its 2013 drilling programs scheduled to commence in the first quarter.
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”.
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.
Hemisphere Energy Corporation
President & Chief Executive Officer