CALGARY, Alberta, Feb. 12, 2025 (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 significant progress on its ongoing helium exploration activities along the Mankota helium fairway.
Operations Update
HEVI is excited to announce that its partner, North American Helium Inc. ("NAH"), has successfully completed drilling operations at the joint well at 5-30-3-8W3 (the "5-30 Well") and completion operations are now underway. NAH will complete, test and evaluate the 5-30 Well in the coming weeks to confirm the presence of helium and evaluate commerciality of the potential helium discovery.
Furthermore, the drilling rig has moved to the 3-19-3-8W3 location (the "3-19 Well"). HEVI has confirmed its 20% participation in the 3-19 Well, with HEVI's share of the drilling costs expected to be approximately $0.4 million.
Additionally, HEVI reports that the drilling of the 12-29-2-8W3 (the "12-29 Well") has been completed. The drilling rig has been released and NAH has moved in a completion rig to complete and perforate the 12-29 Well to confirm the presence of helium. Operations on the 12-29 Well must cease by February 22, 2025, due to environmental restrictions in the area.
"We are extremely pleased with the progress of our operations along the Mankota helium fairway, which holds considerable promise," said Greg Robb, President and CEO of HEVI. "We are committed to advancing our development efforts and believe the results from the 5-30 Well are critical to moving towards our ultimate goal of helium production. We will continue to work closely with our partner, NAH, to drive forward our strategy for long-term growth."
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 X 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.
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 & CEO Kristi Kunec, CFO | Phone: 1-587-330-2459 Email: info@heliumevolution.ca Web: https://www.heliumevolution.ca/ |
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 scalable helium production from its land generally, completion, testing and evaluation of the 5-30 Well and the 12-29 Well, ceasing operations on the 12-29 Well due to environmental restrictions, drilling the 3-19 Well, the Company's expectations regarding advancing development efforts and moving towards helium production, working closely with NAH, the Company's expectation regarding long-term growth, the Company's intention to provide further updates regarding significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, 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; the Company and/or NAH may abandon or defer plans for continuing the completion, testing and evaluation of the 5-30 Well and/or the 12-29 Well; the Company and/or NAH may abandon its plans for drilling the 3-19 Well; the Company and/or NAH may determine not to bring wells onto production; the Company and/or NAH may abandon plans to produce wells and may not work closely together; there may not be long-term growth; 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 and the Company's 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 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 news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news 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/35e2489b-d97a-4d88-a63c-3d513d6fc466.
