VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 07/21/11 — Hemisphere Energy Corporation (TSX VENTURE: HME) announces initial production results from its first horizontal well targeting oil in the Glauconitic formation on its Jenner property in southeast Alberta. The well has been producing for five days and the stabilized production rate for the last 72 hours has been approximately 230 barrels-of-oil per day. Hemisphere has 100-per-cent interest in the well and is the operator.
Hemisphere is planning additional wells on its land base in Jenner, where it holds over 6900 net acres of land.
Hemisphere currently has oil production from its Jenner property in southeast Alberta, natural gas production from its Sylvan Lake and Wainwright properties in central Alberta and liquids-rich natural gas production from its Trutch property in northeast British Columbia.
Hemisphere 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.
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.
Contacts:
Hemisphere Energy Corporation
Don Simmons
President and CEO
(604) 685-9255
(604) 685-9676 (FAX)