Helium Evolution Provides Update on Recent Wells and Highlights Planned Q4/23 Drilling
28 Septembre 2023 - 11:00PM
Helium Evolution Incorporated (TSXV:HEVI)
("
HEVI" or the "
Company"), a
Canadian-based helium exploration company focused on developing
assets in southern Saskatchewan, today provides an update on the
status of two recently drilled wells, along with upcoming planned
drilling for the fourth quarter of 2023.
As announced on September 25, 2023, HEVI and
farm-in partner, North American Helium Inc.
(“NAH”) successfully drilled and cased the first
joint well to encounter helium at 2-31-2-8W3 (“Joint Well
#1”) on lands within Block 1 at Mankota in Saskatchewan.
HEVI has a 20% working interest in Joint Well #1. NAH has indicated
their intention to proceed with completion and production testing
of Joint Well #1 in the coming weeks, after which HEVI will provide
an update on the well’s performance.
As previously announced on September 19, 2023,
NAH spud the farmout well at 11-13-13-29W3 (“Test Well
#4”), on farmout lands within Block 3 at Fox in
Saskatchewan. Test Well #4 was drilled and fully funded by NAH
pursuant to a previously announced farmout arrangement (see news
releases dated October 21, 2022, and June 28, 2022). After reaching
total depth, NAH notified HEVI that the open hole portion of Test
Well #4 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. Test Well #4 was the first
well drilled to the geological basement NW of Maple Creek,
Saskatchewan in approximately 70 years and represented a true
wildcat exploration well.
In addition, pursuant to the seismic option
agreement which was announced October 21, 2022, the Mankota
location selected by NAH at 12-36-3-9W3 (“Test Well Area
#1”) is scheduled to be spud by NAH on or before November
1, 2023, subject to surface conditions. Test Well Area #1 is
located approximately five kilometers south of the NAH Mankota
helium pool. NAH is responsible for 100% of the drilling costs for
Test Well Area #1, while HEVI retains a 20% working interest in the
well, supporting the Company’s continued financial flexibility and
capital conservation.
Stay Connected to Helium Evolution
Shareholders 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 Incorporated
HEVI 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
Information
This 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 regarding the timing of spud for Test Well Area
#1, the timing of the completion and production testing of Joint
Well #1, NAH’s plan for and/or potential re-entry of Test Well #4
including the timing thereof, 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 Company may elect not to participate in the
completion and production testing of Joint Well #1; the
drilling/completion/production testing dates and success for wells
identified in this news release; 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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