Hemisphere Energy Corporation has completed drilling operations on a horizontal well in the Jenner area of southeast Alberta. A completion rig has been mobilized to the Jenner area and tie-in plans are being scheduled. The horizontal well targeted oil-bearing sandstones of the Glauconitic formation as part of the commitment obligations of the farm-in agreement announced on January 25, 2012.

Under the terms of the agreement Hemisphere will pay 100% of the drilling, completion and tie-in costs of a horizontal well to earn 100% of the earned lands before payout, subject to a convertible overriding royalty. Hemisphere has the option of drilling a second well to earn additional lands once the commitment well obligations are satisfied.

Tags: Hemisphere Energy Corporation