The acquisition includes a range of 9%-30% working interest in various assets throughout the property. Total consideration for the acquisition was $300,000 in cash and $50,000 by the issuance of 214,225 Hemisphere shares at a deemed price of $0.2334 each.
Hemisphere currently has production from four 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.
The company said it has an inventory of low risk development drilling locations within its Trutch and Sylvan Lake properties. Hemisphere focuses on developing projects with low risk drilling opportunities and multiple zones of potential and long-life reserves.
