Hemisphere Energy to Take Stakes in Trutch Property
Hemisphere Energy has entered into an agreement to acquire an additional working interest in its Trutch Property in northeast British Columbia from Canada Gas. The acquisition includes a range of 9%-30% working interest in various assets throughout the property. Total consideration for the acquisition is $300,000 in cash and $50,000 in Hemisphere Energy shares to be issued based on the average closing price over the 30 calendar day period ending April 27, 2010.
The closing of the transaction is anticipated to occur on or before July 15, 2010 and is subject to normal due diligence and regulatory acceptance.
Hemisphere Energy currently has production from 4 Halfway natural gas wells on its Trutch Property in northeast British Columbia and 10 Edmonton Sand natural gas wells on its Sylvan Lake Property in central Alberta.
Hemisphere Energy also has an inventory of low risk development drilling locations within its Trutch and Sylvan Lake properties. Hemisphere Energy focuses on developing projects with low risk drilling opportunities, multiple zones of potential and long-life reserves that will increase Hemisphere Energy's production, reserves and cash flow.