VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 01/31/12 — Hemisphere Energy Corporation (TSX VENTURE: HME) has released the financial and operating results for the three and nine months ended November 30, 2011. Selected financial and operational information is set out below and should be read in conjunction with Hemisphere Energy–s quarterly financial statements, complete with the notes to the financial statements and related MD&A (management discussion and analysis), which are available on SEDAR as well as the Company–s website.
Third Quarter Accomplishments
Corporate Update
Hemisphere Energy is focused on adding value per share by increasing production, reserves and cash flow through identifying and developing low to medium risk drilling opportunities and executing on strategic acquisitions and farm-ins.
HEMISPHERE ENERGY CORPORATION
Don Simmons, P.Geol, 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.
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.
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 and CEO
(604) 685-9255
(604) 895-9676 (FAX)