VANCOUVER, BRITISH COLUMBIA–(Marketwired – Apr 24, 2013) – Hemisphere Energy Corporation (TSX VENTURE:HME) is pleased to announce that, as a result of reserve additions and production increases from its 2012 drilling activity, the company’s credit facility was increased from $5.5 million to $9.5 million. Hemisphere’s next review date is scheduled on or before September 1, 2013.
Hemisphere has drilled 11 consecutive successful Glauconitic horizontal wells in its Jenner property in southeast Alberta where it has access to more than 30 sections of land, two oil processing facilities and a growing inventory of low risk development drilling locations and medium risk exploration prospects.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is an exploration and production oil and gas 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.