Helium Evolution Announces Farm-in Partner Confirmed to Drill Five New Wells in the Next Nine Months
06 Julho 2023 - 8:00AM
Helium Evolution Incorporated (TSXV:HEVI)
("
HEVI" or the "
Company"), a
Canadian-based helium exploration company focused on developing
assets in southern Saskatchewan, is pleased to announce that its
farm-in partner, North American Helium Inc.
(“
NAH”), has confirmed it will proceed with
drilling five new wells pursuant to the enhanced farm-out agreement
(the “
Amended Farmout Agreement” or
“
Farmout”) and the seismic agreement (the
“
Seismic Agreement” or “
SA”),
both announced on October 21, 2022.
Upcoming Drilling Catalysts and Key
Dates
- On or
before July 14, 2023: The previously announced
Mankota Farmout location at 12-11-05-10W3 (“Test Well
#3”) is scheduled to be spud by NAH;
- On or
before March 31, 2024: The Fox Farmout location
selected at 11-13-13-29W3 (“Test Well #4”) is
scheduled to be spud by NAH;
- On or
before March 31, 2024: The Gravelbourg Farmout
location selected at 12-13-10-8W3 (“Test Well #5”)
is scheduled to be spud by NAH;
- On or
before August 31, 2023: The Mankota SA location
selected at 5-36-3-9W3 (“Test Well Area #1”) is
scheduled to be spud by NAH;
- On or
before August 31, 2023: The McCord SA location
selected at 6-13-5-7W3 (“Test Well Area #2”) is
scheduled to be spud by NAH; and
- By
July 31, 2023: Pursuant to the seismic review
agreement (the “Seismic Review Agreement”) also
announced on October 21, 2022, NAH has the option to select a
drilling location in the McCord area with a spud date on or before
October 30, 2023, after which HEVI’s remaining 5.6
million acres of land will be fully released, allowing the Company
to pursue its own development program.
NAH is responsible for 100% of the drilling
costs for Test Well #3, Test Well #4, Test Well #5, Test Well Area
#1 and Test Well Area #2, while HEVI retains a 20% working interest
in said wells, supporting the Company’s continued financial
flexibility and capital conservation.
Map of Confirmed Well
Locations
As results become available from each of the
wells referenced above, HEVI will provide updates and outline the
significance of each development for shareholders.
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 an updated 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
Helium Evolution 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 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.
For further information, please
contact:
Greg Robb, President &
CEOKristi Kunec, CFO |
Phone: 1-587-330-2459Email: info@heliumevolution.caWeb:
https://www.heliumevolution.ca/ |
Cindy Gray, Investor
Relations |
info@5qir.com | 1-403-705-5076 |
|
|
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 set forth under the heading “Upcoming Drilling
Catalysts and Key Dates”, 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: NAH may
be unsuccessful in drilling commercially productive wells, NAH may
defer the drilling of wells identified in this press release and
subsequent wells; the Company may choose to defer, accelerate or
abandon its drilling 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; 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 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/86aeb166-679e-472b-ad1a-6e0659749c5a
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