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Hemisphere Energy Commences Drilling in Jenner

Hemisphere Energy Corporation (HME.V)has begun drilling operations in the Jenner area of southeast Alberta.

Hemisphere is targeting the oil-bearing sandstones of the Glauconitic formation with its first horizontal development well of 2013. This horizontal well represents the third well Hemisphere has drilled under the farm-in agreement announced in June 2012.

Hemisphere will pay 100% of the drilling, completion and tie-in costs of the horizontal well to earn 100% of the well spacing unit before payout, subject to a convertible overriding royalty. Hemisphere has identified a number of additional earning wells on the farm-in lands and is planning drilling programs throughout 2013 to target these locations.

Shares are down 1 cent to 45 cents mid-afternoon, bringing it nearer a yr high of 40 cents. Volume traded is 25,000.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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