VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) - Hemisphere Energy Corporation (NYSE:HME) announces that it has filed its reports related to oil and gas reserves for the year ended February 28, 2011 in accordance with Canadian Securities Regulators National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). These reports can be accessed electronically from the SEDAR website at www.sedar.com.
Hemisphere Energy's proved plus probable (P+P) reserves increased by 245 percent from 74,800 barrels-of-oil-equivalent (boe) at February 28, 2010 to 258,500 boe at year-end February 28, 2011.
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 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 ENERGY CORPORATION
Don Simmons, President & CEO
Note: A boe means barrel-of-oil-equivalent on the basis of 1 boe to 6,000 cubic feet of natural gas. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value at the wellhead.
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.Contacts
Hemisphere Energy Corporation
President and CEO
(604) 685-9676 (FAX)