Helium Evolution Confirms Second Farmout Well Spud by North American Helium
20 December 2022 - 11:00PM
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 second well (the “
Second Test Well”),
NAH Grasslands 01-01-06-10W3M, 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). The Second Test Well is situated 14 kilometres northwest
of the NAH helium discovery at Mankota. Intermediate casing has
been set on the Second Test Well and drilling will resume in
Q1-2023 after the Christmas holiday season.
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 capital, while maintaining financial
flexibility and future optionality to pursue internally identified
targets across the Company’s 5.5 million acres of helium rights.
HEVI continues to reprocess and interpret the recently acquired
360km of 2D seismic data to identify additional drilling targets
across its exploration acreage.
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 5.5 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 expected
timing of drilling 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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