Exploration & Production
Hemisphere Energy Corporation Enters Into Seismic Option Agreement
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Hemisphere Energy Corporation (TSX-V: HME) is pleased to announce it has entered into a seismic option and farm-in agreement (the "Agreement") in the Jenner area of southeast Alberta.
Seismic Option and Farm-in Agreement
The Agreement requires Hemisphere to acquire 3D seismic data on or before August 15, 2012. Hemisphere will then have the option to drill a test well on or before November 15, 2012, subject to surface access, rig availability and regulatory approval.
Under the terms of the Agreement, Hemisphere will pay 100% of seismic costs and 100% of any drilling, completion and tie-in costs to earn 100% of the earned lands before payout, subject to a convertible overriding royalty. Once initial obligations are fulfilled, Hemisphere will have the option to acquire additional 3D seismic…
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