Hemisphere Energy Concludes Purchase Of Alberta Jenner Area Assets

Acquired oil-producing assets in the Jenner area of SK consisting of wells & associated production facilities on 8.5 net sections (5,380 acres) of land,gaining 98 BO/d.

Hemisphere Energy Corp., Vancouver, (Toronto Venture: HME) has acquired assets in the Jenner area of southeastern Alberta from an undisclosed seller for C$6 million.

The acquisition consists of oil producing assets directly adjacent to Hemisphere Energy's current operations in the Jenner area. The assets include wells and associated production facilities on 8.5 net sections (5,380 acres) of land of which a significant portion is covered with 3-D seismic included in the acquisition.

Average production during December was approximately 98 barrels of oil per day.

Hemisphere Energy has identified drilling locations and recompletion opportunities on the acquired lands and has plans to increase fluid capacity at the newly acquired production facilities.

Hemisphere funded the acquisition with proceeds from a private placement.