Helium Evolution Confirms First Farmout Well Spud by North American Helium
November 09 2022 - 6:00AM
Helium Evolution Incorporated (TSXV:HEVI)
(“
HEVI” or the “
Company”), a
Canadian-based helium exploration and production company focused on
developing assets in southern Saskatchewan, is pleased to announce
that its partner, North American Helium (“
NAH”),
has spud the first well (the “
First Test Well”),
NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at
Mankota in Saskatchewan, pursuant to a previously announced farmout
arrangement (see press releases dated October 21, 2022, and June
28, 2022). This First Test Well is situated due south of the NAH
helium discovery at Mankota.
Drilling at the 13-30 location is expected to
take approximately 14 days to reach a total depth of 2,720 metres.
Once drilling has concluded, the rig is expected to move to NAH’s
second licenced location at NAH 1-1-6-10W3 (the “Second
Test Well”). Preliminary flow test results from the First
Test Well are anticipated to be available before the end of
December, 2022.
HEVI is ideally positioned to benefit from the
continued exploration and development of its asset base by NAH, and
to leverage their extensive data and expertise without being
required to spend capital in the near term. NAH’s farm-in allows
HEVI to conserve its approximately $10 million in cash and liquid
assets while maintaining financial flexibility and future
optionality to pursue other targets across the Company’s 5.5
million acres of helium rights. In support of this, HEVI has
recently acquired 360km of 2D seismic trade data across its
exploration acreage, which is expected to assist the Company in
further building out its existing technical work and support the
selection of future drilling targets.
About Helium Evolution Incorporated
Helium Evolution is a Canadian-based helium
exploration and production 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 over five 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, offering a compelling
opportunity for investors.
For further information, please contact:
Greg Robb, President &
CEO |
Phone: 587-330-2459 Email:
info@heliumevolution.caWeb:
https://www.heliumevolution.ca/ |
Cindy Gray, Investor
Relations |
HEVIinfo@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 Company's expectations regarding
the Company's and NAH's exploration and drilling plans, the
Company's ability to identify future exploration and drilling
targets, the Company's ability to preserve capital, the time it
takes to drill the First Test Well, drilling timeline of the Second
Test Well, 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: NAH may
be unsuccessful in drilling commercially productive wells, NAH may
defer the drilling of the Second Test Well; the Company may choose
to defer, accelerate or abandon its exploration plans; 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; the
current COVID-19 pandemic; 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.
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