The property includes 435 net acres of land and 68.75% of one producing Colony formation natural gas well.
The well has a current production rate of approximately 175mcf/d (29boe/d) gross or 120mcf/d (20boe/d) net to the company.
The company said that this property acquisition is aligned with its strategy to focus on building and developing core areas with multiple zones of potential that provide low to medium risk drilling opportunities to increase its production, reserves and cash flow.
Hemisphere Energy is engaged in the exploration, development and production of oil and natural gas reserves.
