TSX.V: DME
U.S. OTC: DMEHF
Frankfurt: QM01
VANCOUVER, BC, Oct. 12,
2022 /CNW/ - DESERT MOUNTAIN ENERGY CORP. (the
"Company") (TSXV: DME) (OTC: DMEHF) (Frankfurt: QM01) From
the President of the Company.
GUNNAR DOME WELL
The workover rig and the required associated equipment are
scheduled to arrive next week upon being released from their
current work. We will be conducting a cement squeeze operation on
both sets of current perforations in order to isolate them. Once
completed, perforation into a different zone where well logs and
instrumentation indicated helium, will be performed. As previously
stated in the last press release, the chemical composition
(slightly elevated levels of CO2) of the gas was not
compatible with the currently planned processing facility. It is
anticipated the required workover, gas flow and composition tests
will take between 14 to 21 days.
The zones that are to be isolated are being protected for future
possible production combined with the Rohlfing Field wells.
McCAULEY HELIUM PROCESSING FACILITY
Trenching for flow lines is complete with final tie-ins to be
completed after the processing facility has been delivered. The
fence posts are currently being installed and wire mesh and razor
wire are scheduled for next week. The solar panels will be
delivered once the processing site is secure. Specific component
containers will be trucked to the site shortly after their initial
runup test is complete so that mechanical and electrical
installation can commence.
FUTURE DRILLING PLANS
The Company is continuing with previously ordered additional
independent archeological and native plant field studies, which are
required in advance of permitting with the Arizona Oil & Gas
Conservation Commission. These studies take many months and
numerous agencies are required to review and approve the results of
those studies. In order to remain efficient, the Company keeps a
number of those studies underway. DME's geological team continues
to review the findings of our latest well and apply those findings
to enhance the previous geophysical and geological modelling.
The Company's decision to work with Beam Earth Ltd. is designed
in a manner by which we can continue to focus on helium whilst
using their hydrogen expertise for future possible joint
operations. Therefore, a joint venture limits the Company's
downside exposure as we prove-up this portion of our findings. We
have a joint technology committee that will work together for
planning a three-well drill program to commence around June of
2023. In addition, other helium encounters made by Beam Earth Ltd.,
internationally or domestically, will become an opportunity for
Desert Mountain Energy to participate in. DME currently has
sufficient multiple casing strings by which to drill additional
wells as studies are completed and permits are filed and
approved.
GENERAL FINANCIAL NOTE
The Company is situated in a strong financial position and has
sufficient cash to undertake advantageous advancements. Casing
availability continues to be an industry-wide issue and the Company
has taken a proactive stance in ordering for future needs. Some of
these commitments have been pre-paid, with additional orders placed
with the supplier and mills.
ABOUT DESERT MOUNTAIN
ENERGY
Desert Mountain Energy Corp. is a publicly traded resource
company primarily focused on exploration, development and
production of helium, hydrogen and noble gases. The Company is
primarily looking for elements deemed critical to the renewable
energy and high technology industries.
We seek safe harbor
"Robert Rohlfing"
Robert
Rohlfing
Exec Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in polices of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The statements made in this press release may contain
certain forward-looking statements that involve a number of risks
and uncertainties. Actual events or results may differ from the
Company's expectations.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Such forward looking statements and information herein include but
are not limited to statements regarding the Company's anticipated
performance in the future the planned exploration activities,
receipt of positive results from drilling, the completion of
further drilling and exploration work, and the timing and results
of various activities.
Forward-looking statements or information involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company and its operations to be materially different from
those expressed or implied by such statements. Such factors
include, among others, changes in national and local governments,
legislation, taxation, controls, regulations and political or
economic developments in Canada
and the United States; financial
risks due to helium prices, operating or technical difficulties in
exploration and development activities; risks and hazards and the
speculative nature of resource exploration and related development;
risks in obtaining necessary licenses and permits, and challenges
to the Company's title to properties.
Forward-looking statements are based on assumptions
management believes to be reasonable, including but not limited to
the continued operation of the Company's exploration operations, no
material adverse change in the market price of commodities, and
such other assumptions and factors as set out herein. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements or information, there may be other
factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance
on forward-looking statements or information. The Company does not
intend to, and nor does not assume any obligation to update such
forward-looking statements or information, other than as required
by applicable law.
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SOURCE Desert Mountain Energy Corp.