Helium Evolution Confirms Spudding of Third Farmout Well
17 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 that NAH has spud the third
farmout well at 12-11-05-10W3 (“
Test Well #3”) on
farmout lands within Block 1 at Mankota in Saskatchewan, pursuant
to a previously announced farmout arrangement (the
“
Farmout”) (see news releases dated October 21,
2022, and June 28, 2022). Test Well #3 is the third of seven wells
to be drilled by NAH on HEVI lands by March 31, 2024. Test Well #3
is situated approximately 10 kilometers northwest of the NAH helium
discovery at Mankota. NAH is responsible for 100% of the drilling
costs for Test Well #3, while HEVI retains a 20% working interest
in said well, supporting the Company’s continued financial
flexibility and capital conservation.
Pursuant to the seismic review agreement (the
“Seismic Review Agreement”) which was also
announced on October 21, 2022, NAH has informed the Company that it
will not be proceeding with the option to select a drilling
location in the McCord area. As such, all selection milestones have
been completed under the Farmout, Seismic Review Agreement and
seismic option agreement (the “Seismic Option
Agreement”), the latter of which was also announced on
October 21, 2022. This fully releases HEVI’s entire land base of
5.6 million acres, which enables the Company to pursue its own
development program, further details of which will be released by
HEVI in the coming months.
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 HEVI’s current
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 regarding the Company's ability to identify and
execute on its own development plan, including the timing of
updates thereof, the timing of future NAH drilling under the
Farmout Agreement and the Seismic Option Agreement, the Company's
ability to preserve capital, 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
choose to defer or accelerate the drilling of wells, the Company
may choose to defer, accelerate or abandon its own development
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.
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