Helium Evolution Provides Results from North American Helium’s Fourth Farmout Well and Reiterates Upcoming Drilling Schedule
08 Août 2023 - 1:00PM
Helium Evolution Incorporated (TSXV:HEVI)
("
HEVI" or the "
Company"),
Canadian-based helium exploration company focused on developing
assets in southern Saskatchewan, today provides an update on the
fourth farmout well that was drilled and fully funded by HEVI’s
farmout partner, North American Helium Inc.
(“
NAH”), at 12-13-10-8W3 (“
Test Well
#5”).
Test Well #5 was drilled on farmout lands within
Block 2 at Gravelbourg in Saskatchewan pursuant to a previously
announced farmout arrangement (the “Farmout”) (see
news releases dated October 21, 2022, and June 28, 2022). After
reaching total depth, NAH notified HEVI that the open hole portion
of the Test Well #5 will be abandoned, but that NAH is electing to
suspend the cased hole portion of the well to afford optionality
and the ability to re-enter it at a later date, potentially to
drill a sidetrack to another target.
HEVI Confirms Upcoming Drilling
Catalysts and Key Dates
- On or before August 31,
2023: the Mankota location selected at 5-36-3-9W3
(“Test Well Area #1”) is scheduled to be spud by
NAH;
- On or before August 31,
2023: the McCord location selected at 6-13-5-7W3
(“Test Well Area #2”) is scheduled to be spud by
NAH; and
- On or before March 31,
2024: the Fox location selected at 11-13-13-29W3
(“Test Well #4”) is scheduled to be spud by
NAH.
NAH is responsible for 100% of the drilling
costs for Test Well #4, Test Well Area #1 and Test Well Area #2,
while HEVI retains a 20% working interest in said wells, supporting
the Company’s continued financial flexibility and capital
conservation.
Stay Connected to Helium EvolutionShareholders
and other parties interested in learning more about the Helium
Evolution opportunity are encouraged to visit the Company’s
website, which includes the Company’s current corporate
presentation, and are invited to follow the Company on LinkedIn and
Twitter for ongoing corporate updates and helium industry
information. Helium Evolution also provides an extensive,
commissioned ‘deep-dive’ research report prepared by a third party
whose background includes serving as a research analyst for several
bank-owned and independent investment dealers. In addition to
recent media articles, HEVI maintains a profile on the Investing
News Network platform, where further information, editorial pieces
and industry reviews are available.
About Helium Evolution IncorporatedHEVI is a
Canadian-based helium exploration company holding the largest
helium land rights position in North America among publicly-traded
companies, focused on developing assets in southern Saskatchewan.
The Company has 5.6 million acres of land under permit near proven
discoveries of economic helium concentrations which will support
scaling the exploration and development efforts across its land
base. HEVI’s management and board are executing a differentiated
strategy to become a leading supplier of sustainably-produced
helium for the growing global helium market.
For further information, please
contact:
Greg Robb, President &
CEOKristi Kunec, CFO |
Phone: 1-587-330-2459 Email:
info@heliumevolution.caWeb: https://www.heliumevolution.ca/ |
Cindy Gray, Investor
Relations |
info@5qir.com | 403-705-5076 |
Statement Regarding Forward-Looking
InformationThis news release contains statements that
constitute "forward-looking statements." Such forward looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements,
or developments in the industry to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document
include statements set forth under the heading "HEVI Confirms
Upcoming Drilling Catalysts and Key Dates", NAH’s plans for and/or
potential re-entry of Test Well #5 including the timing, the
Company's expectations regarding the Company becoming a leading
supplier of sustainably-produced helium, the Company's beliefs
regarding growth of the global helium market and other statements
that are not historical facts. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors and risks include, among others: the
Company or NAH may choose to defer, accelerate or abandon its
exploration plans; the drilling date for wells identified in this
news release; the Company and NAH may amend the Farmout; new laws
or regulations and/or unforeseen events could adversely affect the
Company’s business and results of operations; stock markets have
experienced volatility that often has been unrelated to the
performance of companies and such volatility may adversely affect
the price of the Company's securities regardless of its operating
performance risks generally associated with the exploration for and
production of resources; the uncertainty of estimates and
projections relating to expenses; constraint in the availability of
services; commodity price and exchange rate fluctuations; adverse
weather or break-up conditions; and uncertainties resulting from
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures.
When relying on forward-looking statements and
information to make decisions, investors and others should
carefully consider the foregoing factors and risks and other
uncertainties and potential events. The Company has assumed
that the material factors referred to in the previous paragraphs
will not cause such forward-looking statements and information to
differ materially from actual results or events. However, the
list of these factors is not exhaustive and is subject to change
and there can be no assurance that such assumptions will reflect
the actual outcome of such items or factors. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release. The Company does not intend,
and expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
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.
Helium Evolution (TSXV:HEVI)
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