Helium Evolution Confirms Plans to Spud Second Well Following Casing of First Well
12 July 2022 - 7:53AM
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 confirm
that we have mobilized a rig to commence drilling our second helium
well, HEI 06-2-006-06W3M (“
HEI-2”) at the
Company’s 100% owned and operated McCord property in southern
Saskatchewan. This is HEVI’s second well of up to six licensed
wells in our program, and is expected to spud on or around July
15th, 2022. Drilling of HEI-2 follows closely after HEI-1, which
has been cased for further evaluation.
Second Helium Well to be Spud at
McCord
Drilling of HEI-2 is expected to take
approximately 15 days from the spud date to reach total depth of
approximately 2,670 metres targeting the Deadwood formation. Other
operators have drilled offsetting wells in the immediate area of
HEI-2. HEVI’s internal program will be complemented by North
American Helium Inc.'s ("NAH’s") plans under our
farmout agreement. Under the farmout agreement, NAH will drill
five, 100% funded wells across other land blocks in HEVI’s
portfolio, with each well drilled earning NAH an 80% operated
interest in the section on which the well was drilled, plus nine
contiguous sections of land adjoining to the well, up to a maximum
of 32,000 acres. HEVI retains a 20% working interest in the earned
lands and each successful well drilled by NAH. In preparation for
planned commercialization in 2023, HEVI has also been advancing the
engineering and design required for processing facilities while
also engaging in discussions to secure an offtake agreement.
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 &
CEORyan Tomlinson, 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 Company's expectations regarding
the Company's drilling plans, timing for completion of the HEI-2
well, the arrangements with NAH pursuant to the farmout agreement
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 may choose to defer, accelerate or abandon its drilling
plans; the Company and NAH may determine to amend the farmout
agreement; 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 press release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this press release are made as of the date of this
press 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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