Helium Evolution Announces Farm-In Partner To Drill First Joint Well
Date
9/12/2023 5:16:32 PM
(MENAFN- GlobeNewsWire - Nasdaq) CALGARY, Alberta, Sept. 12, 2023 (GLOBE NEWSWIRE) -- 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 served the Company notice of its intention to drill a joint well on the lands NAH earned pursuant to the farm-out agreement (the“ Amended Farmout Agreement ”) announced on October 21, 2022 . The joint well is expected to spud tomorrow, September 13, 2023, and will be located at 2-31-2-8W3 (“ Joint Well #1 ”). Joint Well #1 is the first confirmed joint well and is in addition to the seven previously announced wells to be drilled by NAH on HEVI lands. Joint Well #1 is an offset to Test Well #1 located at 13-30-2-8W3, which was drilled in November 2022 as part of the Amended Farmout Agreement. The Company has confirmed that it will participate in the drilling of Joint Well #1 at its 20% working interest, which is estimated to cost approximately $0.4 million net. Funding of the Company's share of Joint Well #1 is supported by HEVI's strong working capital position of $8.8 million at June 30, 2023.
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.
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