Hemisphere Energy Corporation announced earnings results for the third quarter and nine months ended November 30, 2011. The company generated net income of $596,509 or $0.02 per basic and diluted share in the third quarter of 2011 as compared to a loss of $283,860 or $0.01 per share in the same quarter of 2010. Generated funds flow from operating activities of $699,536 as compared to a shortfall of $100,197 in the same quarter of 2010. Capital expenditures were $1,888,266 against $43,360 reported last year. Petroleum and natural gas revenue was $1,273,655 against $68,940 reported last year. For the nine months, the company reported net income of $212,161 or $0.01 per basic and diluted share on petroleum and natural gas revenue of $1,827,044 compared to net loss of $748,415 or $0.04 per basic and diluted share on petroleum and natural gas revenue of $208,959 reported in the same period last year. Capital expenditures were $4,467,490 against $474,872 reported last year. The company generated funds flow from operating activities of $608,407 as compared to a shortfall of $329,470 in the same period of 2010.