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Hemisphere Energy Corporation: Hemisphere Energy Corporation Announces Intention to Amend Terms of Share Purchase Warrants and

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2009) - Hemisphere Energy Corporation (TSX VENTURE:HME) ("Hemisphere") announces that 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, as disclosed in the following table (after giving effect to the "one (1) new for five (5) old" share consolidation made effective on April 24, 2009):

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Number of Original Original Proposed Proposed
Warrants Exercise Expiry Amended Expiry
Outstanding Price Date Exercise Price Date
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175,000 $0.75 December 12, $0.30 December 12,
 2009 2010
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35,000 $0.75 January 6, $0.30 December 12,
 2010 2010
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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.

The Company's management and board view the market conditions as providing an excellent opportunity to aggressively pursue value-added acquisitions. Hemisphere Energy continues to evaluate numerous opportunities that complement its producing Trutch and Sylvan Lake properties in western Canada.

Hemisphere Energy is committed to building a strong and successful oil and gas company through its experienced management and directors and will continue to grow its cash flow, production and reserves, while maintaining a low overhead.

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.

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.