September 29, 2009 (FinancialWire) — Hemisphere Energy Corp. (TSX Venture: HME) reported it intends to make application to the TSX Venture Exchange to amend the terms of certain outstanding share purchase warrants issued as part of a private placement.

Pursuant to the provision of TSX Venture Exchange Policy 4.1, these warrants which are to be re-priced will have their exercise period shortened to a period of 30 days if, for ten consecutive trading days (the “Premium Trading Days), the closing price of Hemisphere’s shares is $0.375 or greater- this 30 day period will commence 7 calendar days after the tenth Premium Trading Day.

The proposed amendments to the warrants as disclosed herein are subject to the holders of the warrants consenting to the amendments, as well as to Hemisphere receiving acceptance from the TSX Venture Exchange for these amendments.

Hemisphere also announces the granting of incentive stock options to various, directors, officers employees and consultants under its Incentive Stock Option Plan, entitling them to purchase up to a total of 475,000 shares at a price of $0.27 for a period of five years.

Hemisphere Energy has production from 13 wells and has an inventory of numerous low risk development drilling locations within its properties in the Trutch area of northeast British Columbia and the Sylvan Lake property in central Alberta. The company continues to focus on developing projects with low risk drilling opportunities, multiple zones of potential and long-life reserves that will continue to increase the company’s production, reserves and cash flow.

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