VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 28, 2014) – Hemisphere Energy Corporation (TSX VENTURE:HME) announces that it has successfully drilled its first three development wells of the 2014 drilling program in the Atlee Buffalo and Jenner areas of southeast Alberta.
Hemisphere’s first well of the drilling program targeted the oil-bearing sandstones of the Glauconitic formation in the newly acquired Atlee Buffalo property. In Jenner, Hemisphere drilled two development horizontal wells targeting the Glauconitic formation. All three wells encountered excellent reservoir along the horizontal section to total depth.
The wells are all near infrastructure and are currently being completed and tied in. Production is anticipated to commence in February 2014 and results will be announced as they become available.
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 as a Tier 1 issuer 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