VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2011) - Hemisphere Energy Corporation (News - Market indicators) is pleased to announce an agreement to acquire an oil producing property in the Jenner area of southeastern Alberta for $1.1 Million.

The Jenner property produces approximately 25 barrels of oil per day and includes the five sections of land Hemisphere previously announced in a farm-in agreement on November 23, 2010. The acquisition is expected to be completed on or before March 28, 2011.

The Jenner acquisition is strategically aligned with Hemisphere's focus on oil production growth in southeast Alberta by developing core areas with multiple zones of potential that provide low to medium risk drilling opportunities that will increase Hemisphere's production, reserves and cash flow.

Acquiring the Jenner property enables Hemisphere to control the development and exploration of the land base in the area. The wellbores and facilities included on the Jenner property are of strategic value to Hemisphere going forward with its plans to grow production in southeast Alberta.

HEMISPHERE ENERGY CORPORATION

Don Simmons, President & CEO

Forward-looking Statements

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.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.