VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 06/26/12 — Hemisphere Energy Corporation (“Hemisphere” or the “Company”) (TSX VENTURE: HME) is pleased to announce its financial and operating results for the fourth quarter and year ended February 29, 2012. Selected financial and operational highlights are shown below and should be read in conjunction with the Company–s annual financial statements and related management–s discussion and analysis.
Hemisphere has also filed its reports under section 2.1 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) for the year ended February 29, 2012.
Reports are available on SEDAR at and on Hemisphere–s website at . All amounts are expressed in Canadian dollars.
Fourth Quarter 2012 Achievements
Fourth Quarter and Year-End 2012 Highlights
Financial and Operating Summary
Year-End 2012 Reserves
Hemisphere also reports its 2012 year-end reserves as prepared by the independent reserves evaluation firm of Sproule Associates Limited (“Sproule”) in accordance with NI 51-101 for the year ended February 29, 2012.
Summary of Reserves
Subsequent Achievements
Annual General and Special Meeting of Shareholders
Hemisphere–s Annual General and Special Meeting of Shareholders is being held at 10:00 am Pacific Daylight Time on August 17, 2012 in the third floor boardroom of Computershare Investor Services Inc., 510 Burrard Street, Vancouver, British Columbia.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a junior exploration and production 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”.
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.
Barrels of oil equivalent (“boes”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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 & Chief Executive Officer
(604) 685-9255