{"id":2680,"date":"2024-04-03T00:06:37","date_gmt":"2024-04-03T00:06:37","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/04\/03\/helium-evolution-confirms-additional-drilling-of-up-to-9-new-wells-on-joint-land-and-provides-operations-update\/"},"modified":"2024-04-03T00:06:37","modified_gmt":"2024-04-03T00:06:37","slug":"helium-evolution-confirms-additional-drilling-of-up-to-9-new-wells-on-joint-land-and-provides-operations-update","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/04\/03\/helium-evolution-confirms-additional-drilling-of-up-to-9-new-wells-on-joint-land-and-provides-operations-update\/","title":{"rendered":"Helium Evolution Confirms Additional Drilling of Up to 9 New Wells on Joint Land and Provides Operations Update"},"content":{"rendered":"
\n

Helium Evolution Incorporated (TSXV:HEVI) (\u2018 HEVI \u2018 or the \u2018 Company \u2018), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce a joint initiative with its partner and the operator, North American Helium Inc. (\u2018 NAH \u2018), to embark on an ambitious drilling program in the Mankota area of Saskatchewan.<\/p>\n

HEVI and NAH are planning to drill up to nine joint development wells (the \u2018 New Wells <\/strong> \u2018) which are expected to spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions. With HEVI\u2019s 20% working interest in the New Wells, the Company is positioned to capitalize on this strategic expansion, building upon three existing helium discoveries at Mankota, including the commercially viable 2-31 Well, as defined herein and as outlined in the Company\u2019s press release on February 26, 2024 . The Company intends to work with NAH over the coming months to determine specific well locations and timelines. <\/p>\n

\u2018NAH\u2019s decision to pursue drilling of an incremental six to nine wells demonstrates confidence in our ongoing partnership, builds on our existing three helium discoveries at Mankota, and highlights the opportunity to unlock value from HEVI\u2019s 5.6 million acres of prospective land in Saskatchewan,\u2019 said Greg Robb, CEO of the Company. \u2018HEVI is truly unique among our peer group, offering investors access to a very active, growth-oriented company with indirect exposure to the industry\u2019s leading Canadian helium producer in privately-held NAH. Further, we are the only public helium company with three helium discoveries, an additional six to nine new wells targeted to commence drilling within the next year, and a healthy balance sheet with positive working capital.\u2019 <\/p>\n

The additional drilling and development of the New Wells provides HEVI multiple catalysts and potential news events from now until the Company achieves first helium sales, expected in 2025. The Company is also pleased to confirm that HEVI has acquired an additional four sections of land (\u2018 4 Crown Sections <\/strong> \u2018) that was previously unleased and is adjacent to existing HEVI and NAH development in the Mankota area, effectively filling in an area near the heart of existing helium activity. <\/p>\n

HEVI Upcoming Milestones and Catalysts \u2013 2024 \/ 2025 <\/strong><\/p>\n


<\/strong><\/p>\n

The accompanying map provides a visual overview of the Mankota area, showing existing wells and the location of the proposed 12-30 helium processing facility. <\/p>\n<\/p>\n

2-31 Well <\/strong><\/p>\n

HEVI\u2019s first helium discovery well at 2-31-2-8W3 (\u2018 2-31 Well <\/strong> \u2018) was successfully stimulated and tested at economic rates with a helium concentration of 0.95%, more than three times the 0.3% level deemed commercially viable. Negligible volumes of water were produced at the 2-31 Well, a positive indication for helium recovery and processing. <\/p>\n

9-18 Well <\/strong><\/p>\n

After initial testing, HEVI\u2019s discovery well at 9-18-3-8W3 (\u2018 9-18 Well <\/strong> \u2018) had a preliminary helium concentration of 0.78% and no water. The 9-18 Well is awaiting stimulation, with timing subject to surface conditions. <\/p>\n

9-35 Well <\/strong><\/p>\n

HEVI\u2019s discovery well at 9-35-3-9W3 (\u2018 9-35 Well <\/strong> \u2018) has been shut-in for the requisite 21-day period to collect reservoir pressure data for interpretation. The Company and NAH are currently evaluating the results to determine next steps. <\/p>\n

14-20 Location <\/strong><\/p>\n

HEVI and NAH intend to drill an offset location to the 2-31 Well (the \u2018 14-20 Location <\/strong> \u2018) designed to further delineate the helium pool. Due to environmental restrictions, the 14-20 Location will not be drilled until after September 15, 2024. <\/p>\n

New Well drilling program <\/strong><\/p>\n

HEVI and NAH intend to drill six to nine New Wells, inclusive of the 14-20 Location, on the joint lands noted in the accompanying map, placing the New Wells in proximity to NAH\u2019s producing Mankota pool and as a continuation of the trend being developed at Mankota. <\/p>\n

12-30 Facility <\/strong><\/p>\n

NAH has received approval for a facility license at 12-30-2-8W3 (the \u2018 12-30 Facility <\/strong> \u2018), approximately 1,500 metres from the 2-31 Well. A final investment decision (\u2018 FID <\/strong> \u2018) on the 12-30 Facility is expected subsequent to further delineation of the adjacent helium pool, followed by construction and commissioning, with the goal of supporting first helium sales in 2025. <\/p>\n

HEVI intends to continue updating the market on significant events and developments as information becomes available. <\/p>\n

Stay Connected to Helium Evolution<\/strong><\/p>\n

About Helium Evolution Incorporated <\/strong><\/p>\n

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\u2019s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market. <\/p>\n

For further information, please contact: <\/strong><\/p>\n

Greg Robb, President & CEO
Kristi Kunec, CFO Phone: 1-587-330-2459
Email: info@heliumevolution.ca
Web: https:\/\/www.heliumevolution.ca\/ Cindy Gray, Investor Relations heviinfo@5qir.com | 1-403-705-5076 <\/div>\n

Statement <\/strong> Regarding <\/strong> Forward-Looking <\/strong> Information <\/strong><\/p>\n

This news release contains statements that constitute \u2018forward-looking statements.\u2019 Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments <\/em> in <\/em> the <\/em> industry <\/em> to <\/em> differ <\/em> materially <\/em> from <\/em> the <\/em> anticipated <\/em> results, <\/em> performance <\/em> or <\/em> achievements <\/em> expressed <\/em> or <\/em> implied by <\/em> such <\/em> forward-looking <\/em> statements. <\/em> Forward <\/em> looking <\/em> statements <\/em> are <\/em> statements <\/em> that <\/em> are <\/em> not <\/em> historical <\/em> facts <\/em> and <\/em> are <\/em> generally, but <\/em> not <\/em> always, <\/em> identified <\/em> by <\/em> the <\/em> words <\/em> \u2018expects,\u2019 <\/em> \u2018plans,\u2019 <\/em> \u2018anticipates,\u2019 <\/em> \u2018believes,\u2019 <\/em> \u2018intends,\u2019 <\/em> \u2018estimates,\u2019 <\/em> \u2018projects,\u2019 <\/em> \u2018potential\u2019 and similar expressions, or that events or conditions \u2018will,\u2019 \u2018would,\u2019 \u2018may,\u2019 \u2018could\u2019 or \u2018should\u2019 occur. <\/em><\/p>\n

Forward-looking statements in this document include statements regarding the Company\u2019s expectations regarding future production from the 2-31 Well, the 9-35 Well and the 9-18 Well, the Company\u2019s expectations regarding scalable helium production and unlocking value from its land generally, the Company and\/or NAH\u2019s plans with respect to shutting in the 9-35 Well for a 21-day period and the interpretation of results, the Company and\/or NAH\u2019s plans with respect to the drilling of the New Wells inclusive of the 14-20 Location including the timing, the Company and\/or NAH\u2019s plans with respect to stimulation operations on the 9-18 Well including the timing, timing of the FID, the Company and\/or NAH\u2019s plans with respect to drilling an offset location and constructing a facility, the Company\u2019s intention to provide further updates regarding catalysts and significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, the Company\u2019s 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, <\/em> uncertainties <\/em> and other factors <\/em> which <\/em> may <\/em> cause our <\/em> actual <\/em> results, <\/em> performance or <\/em> achievements, <\/em> or other future events, to be <\/em> materially different from any future <\/em> results, <\/em> performance <\/em> or achievements expressed or implied by such forward-looking statements. <\/em> Such <\/em> factors <\/em> and risks <\/em> include, <\/em> among others: <\/em> NAH <\/em> may <\/em> be unsuccessful <\/em> in <\/em> drilling <\/em> commercially <\/em> productive wells; the Company and\/or NAH may abandon or defer plans for continuing the completion, testing and evaluation of the 9-35 Well and\/or the 2-31 Well and\/or the 9-18 Well; the Company and\/or NAH may choose to defer, accelerate or abandon its exploration and development plans, including the drilling of the New Wells and the 14-20 Location; the Company and\/or NAH may determine not to bring the 9-35 Well, the 9-18 Well or the 2-31 Well onto production; the Company and\/or NAH may decide not to construct the 12-30 Facility; new laws or regulations and\/or unforeseen events could adversely affect the Company\u2019s 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\u2019s 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 and the Company\u2019s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential <\/em> delays or changes in plans with respect to exploration or development projects or capital expenditures. <\/em><\/p>\n

When <\/em> relying <\/em> on <\/em> forward-looking <\/em> statements <\/em> and <\/em> information <\/em> to <\/em> make <\/em> decisions, <\/em> investors <\/em> and <\/em> others <\/em> should <\/em> carefully <\/em> consider the foregoing factors <\/em> and risks other uncertainties and potential <\/em> events. <\/em> The Company has <\/em> assumed that the material factors referred <\/em> to <\/em> in <\/em> the <\/em> previous <\/em> paragraphs <\/em> will <\/em> not <\/em> cause <\/em> such <\/em> forward-looking <\/em> statements <\/em> and <\/em> information <\/em> to <\/em> differ <\/em> materially <\/em> 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 <\/em> reliance <\/em> on <\/em> any <\/em> forward-looking <\/em> information. <\/em> Such <\/em> information, <\/em> although <\/em> considered <\/em> reasonable <\/em> by <\/em> management <\/em> at <\/em> the time <\/em> of <\/em> preparation, <\/em> may <\/em> prove <\/em> to <\/em> be <\/em> incorrect <\/em> and <\/em> actual <\/em> results <\/em> may <\/em> differ <\/em> materially <\/em> from <\/em> those <\/em> anticipated. <\/em> Forward-looking statements <\/em> contained <\/em> in <\/em> this <\/em> news <\/em> release <\/em> are <\/em> expressly <\/em> qualified <\/em> by <\/em> this <\/em> cautionary <\/em> statement. <\/em> The <\/em> forward-looking <\/em> statements contained <\/em> in <\/em> this <\/em> news <\/em> release <\/em> are <\/em> made <\/em> as <\/em> of <\/em> the <\/em> date <\/em> of <\/em> this <\/em> news <\/em> release. <\/em> The <\/em> Company <\/em> does <\/em> not <\/em> intend, <\/em> and <\/em> expressly disclaims <\/em> any <\/em> intention <\/em> or <\/em> obligation <\/em> to, <\/em> update <\/em> or <\/em> revise <\/em> any <\/em> forward-looking <\/em> statements <\/em> whether <\/em> as <\/em> a <\/em> result <\/em> of <\/em> new information, future events or otherwise, except as required by law. <\/em><\/p>\n

Neither <\/em> the <\/em> TSX <\/em> Venture <\/em> Exchange <\/em> nor <\/em> its <\/em> Regulation <\/em> Services <\/em> Provider <\/em> (as <\/em> that <\/em> term is <\/em> defined <\/em> in <\/em> the <\/em> policies <\/em> of <\/em> the <\/em> TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. <\/em><\/p>\n

Photos accompanying this announcement are available at <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/a212f8b8-89cc-4ec9-9400-2717ccf7e768 <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/9c598ca8-ab26-4b31-b2e5-f5def0a86adf <\/p>\n<\/p>\n<\/div>\n

News Provided by GlobeNewswire via QuoteMedia<\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Helium Evolution Incorporated (TSXV:HEVI) (\u2018 HEVI \u2018 or the \u2018 Company \u2018), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce a joint initiative with its partner and the operator, North American Helium Inc. (\u2018 NAH \u2018), to embark on an ambitious drilling program in the Mankota area […]<\/p>\n","protected":false},"author":0,"featured_media":2681,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/2680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=2680"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/2680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/2681"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=2680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=2680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=2680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}