CIBOLO ENERGY HME, LLC FILES EARLY WARNING REPORT REGARDING DISPOSITION OF COMMON SHARES

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VANCOUVER, BC, May 16, 2022 /CNW/ - Cibolo Energy HME, LLC ("Cibolo HME") provides the following early warning disclosure under applicable Canadian securities laws. Cibolo HME disposed ownership of 559,300 common shares (the "Common Shares") in the capital of Hemisphere Energy Corporation (the "Corporation") from May 3, 2022 through May 13, 2022 for consideration equal to between $1.40 and $1.49. A copy of the early warning report for Cibolo HME is available under the Corporation's profile on SEDAR.

Immediately prior to the disposition of Common Shares, Cibolo HME and its affiliate Cibolo Energy Partners I, L.P. (together, "Cibolo") owned 10,602,537 Common Shares of the Corporation. As a result of the sale of an aggregate of 559,300 Common Shares, Cibolo HME will own and exercise control over an aggregate of 10,043,237 Common Shares, representing approximately 9.96% of the Common Shares of the Corporation on a non-diluted basis. As a result, Cibolo is no longer subject to the 10.0% threshold requiring disclosure under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103").

The address of the Corporation is Suite 501, 905 West Pender Street, Vancouver, British Columbia, V6C 1L6. The address of Cibolo HME is Suite 230, 1455 West Loop South, Houston, TX, 77027.

This news release is issued pursuant to NI 62-103, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will be available under the Corporation's profile at www.sedar.com, or may be obtained by contacting Joseph Gomez at (713) 357-7573.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.

Cautionary Note

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 release.

SOURCE Cibolo Energy HME, LLC

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