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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 confirmed it will proceed with drilling five new wells pursuant to the enhanced farm-out agreement (the " Amended Farmout Agreement " or " Farmout ") and the seismic agreement (the " Seismic Agreement " or " SA "), both announced on October 21, 2022 .
Upcoming Drilling Catalysts and Key Dates
- On or before July 14, 2023 : The previously announced Mankota Farmout location at 12-11-05-10W3 (" Test Well #3 ") is scheduled to be spud by NAH;
- On or before March 31, 2024 : The Fox Farmout location selected at 11-13-13-29W3 (" Test Well #4 ") is scheduled to be spud by NAH;
- On or before March 31, 2024 : The Gravelbourg Farmout location selected at 12-13-10-8W3 (" Test Well #5 ") is scheduled to be spud by NAH;
- On or before August 31, 2023 : The Mankota SA location selected at 5-36-3-9W3 (" Test Well Area #1 ") is scheduled to be spud by NAH;
- On or before August 31, 2023 : The McCord SA location selected at 6-13-5-7W3 (" Test Well Area #2 ") is scheduled to be spud by NAH; and
- By July 31, 2023 : Pursuant to the seismic review agreement (the " Seismic Review Agreement ") also announced on October 21, 2022 , NAH has the option to select a drilling location in the McCord area with a spud date on or before October 30, 2023 , after which HEVI's remaining 5.6 million acres of land will be fully released, allowing the Company to pursue its own development program.
NAH is responsible for 100% of the drilling costs for Test Well #3, Test Well #4, Test Well #5, Test Well Area #1 and Test Well Area #2, while HEVI retains a 20% working interest in said wells, supporting the Company's continued financial flexibility and capital conservation.
Map of Confirmed Well Locations
As results become available from each of the wells referenced above, HEVI will provide updates and outline the significance of each development for shareholders.
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.
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/ |
| 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 set forth under the heading "Upcoming Drilling Catalysts and Key Dates", the Company's expectations regarding the Company becoming a leading supplier of sustainably-produced helium, 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, NAH  may  defer  the  drilling  of  wells identified in this press release and subsequent wells; the  Company  may  choose  to  defer,  accelerate  or  abandon  its  drilling  plans; 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/86aeb166-679e-472b-ad1a-6e0659749c5a
