Mr. Don Simmons reports

HEMISPHERE ENERGY ANNOUNCES NORMAL COURSE ISSUER BID RENEWAL

The TSX Venture Exchange has accepted Hemisphere Energy Corp.'s notice of intention to renew of its normal course issuer bid (NCIB) to purchase for cancellation, from time to time, as Hemisphere considers advisable, up to 8,670,636 common shares of the company, representing approximately 10 per cent of the current public float of the common shares.

Purchases of common shares will be made on the open market through the facilities of the TSX-V. For any common shares purchased, Hemisphere will pay the prevailing market price of the common shares. The actual number of common shares that may be purchased for cancellation and the timing of any such purchases will be determined by the company and dependent on market conditions.

The company is commencing the NCIB because it believes that, from time to time, the market price of its common shares may not properly reflect the underlying, intrinsic value of the company and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.

The NCIB will commence on July 14, 2023, and will terminate on July 13, 2024, or at such earlier time as the NCIB is completed or terminated at the option of Hemisphere. The company has retained Canaccord Genuity Corp. as its broker to conduct the NCIB on its behalf.

About Hemisphere Energy Corp.

Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high-netback, low-decline conventional heavy oil assets through polymer flood enhanced recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol HME and on the OTCQX Venture Marketplace under the symbol HMENF.

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