Mr. Greg Robb reports
HELIUM EVOLUTION PROVIDES OPERATIONS UPDATE
Helium Evolution Inc.'s farm-in partner, North American Helium Inc. (NAH), has informed Helium Evolution of its intention to amend one of its previously selected locations from 12-36-3-9W3 to 9-35-3-9W3 (test well area No. 1). In addition, Helium Evolution has granted NAH an extension of the original spud date from November 1, 2023 to November 30, 2023 in order to accommodate rig scheduling. NAH is responsible for 100% of the drilling costs for Test Well Area #1, while HEVI retains a 20% working interest in that well.
As announced on September 25, 2023, HEVI and its partner NAH, successfully drilled and cased the first joint well and encountered helium at 2-31-2-8W3 ("Joint Well #1"). The Company is pleased to announce that Joint Well #1 has been completed, and the testing and evaluation phase is underway. HEVI has a 20% working interest in Joint Well #1. Upon conclusion of the testing and evaluation phase, HEVI will provide a further update on the well's performance.
Upcoming Catalysts:
On or before November 30, 2023:
NAH to spud Test Well Area #1; and
NAH to spud a well at 9-18-3-8W3 ("Joint Well #2"), in which HEVI will participate at its 20% working interest, as previously announced on October 13, 2023.
Further, over the coming weeks the testing and evaluation of Joint Well #1 will continue.
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.
We seek Safe Harbor.
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