Hemisphere Energy Corporation declares, subject to regulatory acceptance, a non-brokered private placement, to consist of the sale of up to 4,400,000 units at a price of $0.25 per unit, each unit to consist of one common share and one share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.35 for a period of one year from closing.

The proceeds of up to $1,100,000 will be used for financing acquisitions, including the Sylvan Lake property acquisition announced by Hemisphere Energy on May 4, 2009, and general working capital purposes. The Company may pay finders' fees in accordance with the TSX Venture Exchange policy in respect of all or a portion of the funds raised pursuant to this private placement.

The Sylvan Lake acquisition is aligned with Hemisphere Energy's overall strategy of focusing on developing and purchasing areas with multi-zone potential that provide medium to low risk drilling opportunities that will increase the Company's production, reserves and cash flow.

Tags: Hemisphere Energy Corporation