Hemisphere Energy has entered into an agreement to acquire an additional working interest in its Trutch Property in northeast British Columbia, Canada.
The acquisition includes a range of 10.5%-35% working interest in all wellbores, land and pipeline assets.
Total consideration for the acquisition is 100,000 Hemisphere Energy shares and $250,000 in cash.
The closing of the transaction, which is subject to normal due diligence and regulatory acceptance, is expected to occur on or before 31 August 2011.
Hemisphere Energy currently has production from four producing Halfway Formation liquid-rich natural gas wells on its Trutch Property.