Helium Evolution Incorporated (TSXV:HEVI)
("
HEVI" or the "
Company"), a
Canadian-based helium exploration company focused on developing
assets in southern Saskatchewan, today announced the filing of the
Company’s interim condensed financial statements and associated
management’s discussion and analysis for the three and nine month
periods ended September 30, 2023 (the “
Quarterly
Report”).
Complete details of the Quarterly Report are
available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.
Three and Nine Month Periods Ended
September 30, 2023 Highlights:
|
Three months ended |
Nine months ended |
Tabular amounts in thousands ofCanadian Dollars, except share and
per share amounts |
September30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
|
Financial |
|
|
|
|
|
|
|
|
Net loss |
592 |
|
3,847 |
|
1,234 |
|
6,843 |
|
Net loss per share, basic and diluted |
0.01 |
|
0.04 |
|
0.01 |
|
0.09 |
|
Cash |
7,072 |
|
9,482 |
|
7,072 |
|
9,482 |
|
Working capital |
7,766 |
|
9,271 |
|
7,766 |
|
9,271 |
|
Total assets |
12,720 |
|
13,644 |
|
12,720 |
|
13,644 |
|
Total liabilities |
496 |
|
625 |
|
496 |
|
625 |
|
Weighted average shares outstandingBasic and diluted1 |
|
|
|
|
|
|
|
|
96,033,974 |
|
96,033,974 |
|
96,033,974 |
|
72,453,538 |
|
1The weighted average number of common shares outstanding is not
increased for outstanding stock options and warrants when the
effect is anti-dilutive. |
|
|
|
|
|
|
|
|
|
During the first three quarters of 2023, HEVI
continued to execute on its focused strategy of developing the
Company’s 5.6 million acres of helium rights in southern
Saskatchewan and advancing its ultimate goal of producing and
selling helium, generating cash flow and driving positive returns
for shareholders. HEVI has remained committed to maintaining
ongoing financial flexibility, demonstrated by a positive working
capital position of $7.8 million at September 30, 2023.
Operations Update
As announced earlier today, the Company is
pleased to re-confirm HEVI’s first joint helium discovery with its
partner, North American Helium Inc. (“NAH”),
following completion of the Deadwood zone and initial testing of
the joint well drilled at 2-31-2-8W3 (“Joint Well
#1”). Joint Well #1 underwent a series of tests to confirm
flow rates, reservoir boundaries and gas composition, all of which
represent important data points to help inform future development
plans in the area. Joint Well #1 had helium concentrations of
0.95%, more than three times the 0.3% level deemed commercially
viable, and 96% nitrogen, with the balance comprised of fractional
percentages of minor component gases.
Joint Well #1 demonstrated rates and pressures
that remained steady throughout the entire flow test period,
indicating a stable and productive reservoir, and the well flow
tested at 1.3 million standard cubic feet per day (MMscf/d) and
6,000 kiloPascals (kPa) flowing tubing pressure. A post-flow
pressure transient analysis evaluated by a third-party was
positive, suggesting the deliverability of Joint Well #1 could
potentially increase by four to six times with stimulation.
Further, negligible water (0.6 cubic meters) was produced by the
well during the test period, which is favorable for helium recovery
and processing.
The Company is very encouraged by the results of
Joint Well #1, which confirm the potential of the Deadwood
formation as a significant source of helium in the region. HEVI is
currently in discussions with the operator, NAH, regarding the next
steps on Joint Well #1, as well as future exploration and
development plans in the area.
Given unseasonably warm weather across the
western prairies and forecasts for above normal temperatures,
surface access issues have delayed the drilling of two wells
previously announced by the Company and its farm-in partner,
NAH, at 9-18-3-8W3 (“Joint Well
#2”), of which HEVI has a 20% working interest, and the
NAH farm-out well at 9-35-3-9W3 (“Test Well Area
#1”). Since both Joint Well #2 and Test Well Area #1 are
located on native prairie lands, regulatory requirements restrict
drilling access during periods when the ground is not frozen. NAH
and HEVI anticipate drilling the wells as soon as possible, subject
to rig availability.
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 the Company’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 5.6
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:
http://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 expectations regarding
the Company and/or NAH’s exploration and drilling plans, the timing
of drilling Joint Well #2 and Test Well Area #1, future production
from Joint Well #1, the Company's expectations regarding scalable
helium production from its land generally, the Company and/or NAH’s
plans with respect to stimulation of the reservoir, the Company's
expectations regarding recoverability of helium, the Company and/or
NAH's ability to identify future exploration and drilling targets,
the Company's expectations regarding the Deadwood formation as a
significant source of helium in the region, the Company and/or
NAH's plans regarding future exploration and development in the
area of Joint Well #1, increasing shareholder value, the
productivity of Joint Well #1 following stimulation, the Company’s
ability to preserve capital, the drilling timeline for and success
of any future Company and/or NAH drills, timing of ongoing updates
to stakeholders 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
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 be unsuccessful in drilling commercially
productive wells; the Company and/or NAH may choose to defer,
accelerate or abandon its drilling plans; the Company and/or NAH
may determine not to bring Joint Well #1 onto production; 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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