VANCOUVER, Feb. 12, 2016 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) (the "Company") announces that it has cancelled a total of 2,395,000 incentive stock options granted under its Stock Option Plan to certain officers, directors, employees and consultants who voluntarily returned these options to the Company. The cancelled options were granted from April 2012 to October 2014 and were exercisable at prices ranging from $0.50 to $0.65 for a period of five years from the date of grant. Following the cancellation, the Company has 5,335,000 stock options outstanding at a weighted-average price of $0.33.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing oil and gas company focused on developing conventional oil assets with low risk drilling opportunities. Hemisphere plans continual growth in production, reserves and cash flow by drilling existing projects and executing strategic acquisitions. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME".
This news release contains "forward-looking statements" that are based on Hemisphere's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding Hemisphere's outlook for our future operations, plans and timing for the commencement or advancement of exploration and development activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Hemisphere. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by Hemisphere will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Hemisphere disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Hemisphere Energy Corporation
For further information: Don Simmons, President & Chief Executive Officer, Telephone: (604) 685-9255, Email: firstname.lastname@example.org; Scott Koyich, Investor Relations, Telephone: (403) 619-2200, Email: email@example.com; Website: www.hemisphereenergy.ca