Oil and Gas

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, today announced the filing of our unaudited financial results for the three and nine- month periods ended September 30, 2022, along with a corporate update on activities that have occurred subsequent to the end of the period.

For complete details of the condensed interim consolidated financial statements and the associated management's discussion and analysis, please refer to the Company's filing on SEDAR ( www.sedar.com ).

Three & Nine Months Ended September 30, 2022 Highlights

Three months ended


Tabular amounts in thousands of
Canadian Dollars, except share and
per share amounts


September 30,
2022


September 30,
2021
Nine months
ended
September
30, 2022
Period ended
September 30,
2021 2
Financial
Net loss 3,847 238 6,843 1,023
Net loss per share, basic and diluted 0.04 0.01 0.09 0.05
Cash 9,482 332 9,482 332
Working capital 9,271 320 9,271 320
Total assets 13,644 341 13,644 341
Total liabilities 625 21 625 21
Weighted average shares outstanding
Basic and diluted 1 96,033,974 31,102,449 72,453,538 22,596,717

1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.
2 From the period of incorporation on January 14, 2021 to September 30, 2021

During the third quarter of 2022, HEVI continued to execute on its focused strategy of developing its 5.5 million acres of helium rights in southern Saskatchewan, to ultimately produce and sell helium, generate cash flow and drive positive returns for shareholders. HEVI drilled two 100% operated wells in June and July at McCord, resulting in capital expenditures of $3.8 million for the third quarter, primarily allocated to drilling followed by requisite downhole abandonment activities since initial results did not return sufficient quantities of helium to warrant production testing. With strong helium indications in the area, as well as the expanded and enhanced farm-out agreement (the " Amended Farmout Agreement ") with North American Helium (" NAH ") announced October 21, 2022 , HEVI maintains a very positive near and longer-term outlook for its asset base. The Company retained ongoing financial flexibility with positive working capital of $9.3 million at the end of the quarter plus $1.5 million of tubing and casing in inventory, of which $0.5 million was sold subsequent to quarter end.

The Company was also pleased to bolster the strength of its internal management team during the quarter with the appointment of Ms. Kristi Kunec as Chief Financial Officer, effective September 12 th , 2022. Ms. Kunec brings over 15 years of financial experience with strong acumen in corporate finance, organizational planning and financial reporting for high-growth resource companies.

Outlook

On October 21, 2022, through the Amended Farmout Agreement, HEVI and NAH expanded and accelerated their previous farmout agreement, providing the Company with numerous significant benefits, which include:

  • An acceleration of drilling as NAH will drill the first two test wells on HEVI lands in Q4/22 and a third test well in the first half 2023;
  • Preservation of capital as costs to drill the test wells will be funded 100% by NAH while HEVI retains a 20% working interest;
  • Based on success with the first three test wells, NAH commits to expeditiously drill development wells on the earned farmout blocks, subject to surface access and regulatory approvals;
  • NAH will select a fourth and fifth test well location by June 30, 2023, with both wells to be spud by the first quarter of 2024;
  • New seismic option and seismic review option agreements will give NAH the option to increase the number of exploration wells to be drilled by approximately 60%, from five to up to eight;
  • At no cost, HEVI has received NAH's proprietary seismic recently used to drill three successful NAH wells; and
  • HEVI retains a 20% working interest in any successful wells with no up-front capital costs and the ability to participate in future development wells at the same 20% interest level.

On November 9 th , HEVI confirmed that NAH had spud its first test well (the " First Test Well ") on farmout lands within Block 1 at its Mankota, Saskatchewan area. On November 21 st , HEVI announced that NAH had informed the Company that the open hole portion of the First Test Well would be abandoned, but that NAH was electing to suspend the cased hole portion of the well to afford optionality and the ability to re-enter it at a later date, potentially to drill a sidetrack to another target. NAH is expected to spud its second test well (the " Second Test Well ") in mid-December. In tandem with ongoing developments under the NAH Amended Farmout Agreement, HEVI is also continuing to advance the selection of its own 100% operated future drilling targets, and are undertaking numerous initiatives designed to support ongoing technical work, including geological and geophysical modelling, shooting of proprietary 2D seismic, seismic reprocessing and interpretation and well log integration. The Company also recently acquired approximately 360km of 2D seismic data, with plans to purchase additional 2D seismic over the next six to nine months.

Relative to other helium peers, HEVI remains very well positioned and pleased with how far it has advanced on the journey to realize production and cash flow. The Company looks forward to benefitting from the continued exploration and development of its asset base by NAH, which affords HEVI extensive data and expertise while preserving capital and enabling the Company to pursue drilling and development of its 100% owned targets in the future.

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 and production 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, offering a compelling opportunity for investors.

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 regarding the Company's expectations regarding the Company's expectations regarding the Company's and NAH's exploration and drilling plans, the Company's ability to identify future exploration and drilling targets, including the purchase of 2D seismic and activities related to the Amended Farmout Agreement, increasing shareholder value, the Company's ability to preserve capital, , drilling timeline of the Second Test Well and any future NAH drills, the purchase of additional seismic 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 the Second Test Well 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; the current COVID-19 pandemic; 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

HEVI:CA
Helium Evolution

Helium Evolution


Keep reading...Show less
Helium Evolution Provides Update on First Farmout Well Drilled by North American Helium

Helium Evolution Provides Update on First Farmout Well Drilled by North American Helium

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on finding, developing and commercializing assets in southern Saskatchewan, today provides an update on the first of two wells that will be drilled by year end 2022 (the " First Test Well "), NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at Mankota in Saskatchewan.

The First Test Well was drilled and fully funded by HEVI's farmout partner, North American Helium (" NAH "), pursuant to a previously announced farmout arrangement (see press releases dated October 21, 2022 , and June 28, 2022 ). After reaching total depth over the weekend, NAH has informed HEVI that the open hole portion of the First Test Well will be abandoned, but that NAH is electing to suspend the cased hole portion of the well to afford optionality and the ability to re-enter it at a later date, potentially to drill a sidetrack to another target. NAH is expected to spud its second licenced location on HEVI lands at NAH 1-1-6-10W3 (the " Second Test Well ") in mid-December.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Confirms First Farmout Well Spud by North American Helium

Helium Evolution Confirms First Farmout Well Spud by North American Helium

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium (" NAH "), has spud the first well (the " First Test Well "), NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at Mankota in Saskatchewan, pursuant to a previously announced farmout arrangement (see press releases dated October 21, 2022 and June 28, 2022 ). This First Test Well is situated due south of the NAH helium discovery at Mankota.

Drilling at the 13-30 location is expected to take approximately 14 days to reach a total depth of 2,720 metres. Once drilling has concluded, the rig is expected to move to NAH's second licenced location at NAH 1-1-6-10W3 (the " Second Test Well "). Preliminary flow test results from the First Test Well are anticipated to be available before the end of December, 2022.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Expands and Accelerates Drilling Program Through Enhanced Farmout With North American Helium

Helium Evolution Expands and Accelerates Drilling Program Through Enhanced Farmout With North American Helium

  • First two test wells to be drilled on HEVI lands in Q4/22 by North American Helium (NAH) with third test well to be drilled in first half 2023; costs funded 100% by NAH and HEVI retains a 20% working interest
  • Based on success of the three test wells, NAH commits to expeditiously drill development wells on the earned farmout blocks
  • New seismic option and seismic review option agreements with NAH could expand number of wells to be drilled by ~60%, from five to up to eight
  • At no cost, HEVI to receive NAH's proprietary seismic recently used to drill three successful NAH wells

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce enhancements and amendments to the existing farmout agreement with North American Helium (" NAH "), through the execution of an Amended and Restated Farmout Agreement dated October 20 th 2022 (the " Amended Farmout "). The Amended Farmout offers HEVI near-term drilling catalysts that can accelerate cash flow generation without incurring up-front capital costs and allows the Company to retain 99% of its land base. At no cost, HEVI will also receive NAH's proprietary seismic that was recently used to drill three successful and producing NAH wells in the Mankota area, giving HEVI greater insight and valuable data that can be used in identifying future targets.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Appointment of Chief Financial Officer

Helium Evolution Announces Appointment of Chief Financial Officer

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce the appointment of Ms. Kristi Kunec to the role of Chief Financial Officer, effective September 12, 2022.

Ms. Kunec brings over 15 years of financial experience to HEVI, with a proven track record that includes leading the corporate finance, organizational planning and financial reporting functions for growing resource companies. Over the last 13 months, she has served as part-time Controller for Kanata Clean Power & Climate Technologies Corp., and prior thereto was Chief Financial Officer and Corporate Secretary for Pine Cliff Energy Ltd. (TSX:PNE). Ms. Kunec directly contributed to the growth of the company from approximately 100 boe/d to 24,000 boe/d, which included closing four equity offerings that raised more than $170 million, and the completion of two corporate and seven asset acquisitions. Prior to Pine Cliff, Ms. Kunec was Controller for North American Oil Trust, Corporate Controller for Orion Oil & Gas Corporation, and Manager of Financial Reporting for TransGlobe Energy Corporation. After earning a Bachelor of Commerce degree from the University of Saskatchewan, she began her career at PriceWaterhouseCoopers LLP in 2003, earning her CPA, CA designation in May of 2006.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Filing of Second Quarter 2022 Financial Results and Provides Corporate Update

Helium Evolution Announces Filing of Second Quarter 2022 Financial Results and Provides Corporate Update

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, today announced the filing of our unaudited financial results for the three-and six-month periods ended June 30, 2022, along with a corporate update that includes a change in management and posting of an updated corporate presentation on HEVI's website.

For complete details of the consolidated financial statements and the associated management's discussion and analysis (" MD&A "), please refer to the Company's filing on SEDAR ( www.sedar.com ).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
E-Tech Resources Grants Options

E-Tech Resources Grants Options

E-Tech Resources Inc. (TSXV: REE) (FSE: K2I) ("E-Tech" or the "Company") announces that it has granted 1,060,000 stock options under the Company's Stock Option Plan ("Plan") to officers, directors, consultants, and employees. Officers and directors were granted 800,000 of the total options granted.

Each option is exercisable into one common share at an exercise price of $0.10 per share, will vest at the rate of 25% of the total on each of the six-month anniversary dates of the grant and will expire after five years from the date of grant. All other terms and conditions of the options are in accordance with the terms of the Plan.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
E-Tech Identifies 17 Drill Targets for Exploration Drilling at Its 100% Owned Eureka Project

E-Tech Identifies 17 Drill Targets for Exploration Drilling at Its 100% Owned Eureka Project

E-Tech Resources Inc. (TSXV: REE) (FSE: K2I) ("E-Tech or the Company") is pleased to announce the identification of 17 robust drill targets defined through the recently completed ground geophysical and exploration mapping programs.

Highlights:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Aclara Confirms Successful Completion of Its Process Flowsheet at Lab Scale

Aclara Confirms Successful Completion of Its Process Flowsheet at Lab Scale

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce the successful completion of a laboratory testing phase undertaken to optimize the metallurgical process and ensure that liquid residues not are generated. This test work forms part of the development program for the extraction of Rare Earth Elements ("REE") from Aclara's ionic clay resource in the Penco Module ("Project") located in the Bio Bio Region, in the south of Chile

This represents an important milestone in the development of the proposed Aclara REE extraction process, now known as "Circular Mineral Harvesting", as it demonstrates a unique process that not only results in attractive recoveries of REE but also minimizes the associated environmental footprint. The results show that 95% of the fresh water utilized by the process plant is retained within the circuit, that 99% of the main reagent (ammonium sulphate) is recirculated, and that no liquid residues will be produced thus negating the need for a tailings facility. In addition, the mining activities do not require the use of explosives nor subsequent crushing and milling, resulting in a very low carbon footprint operation. The successful completion of this test work materially de-risks the metallurgical attributes of the Project.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Search Minerals to Commence an Initial 2,000m FOX MEADOW Phase 1 Drill Program

Search Minerals to Commence an Initial 2,000m FOX MEADOW Phase 1 Drill Program

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company ") is pleased to announce the commencement of an initial 2,000m FOX MEADOW Phase 1 drill program . FOX MEADOW is the third major drill target in the Port Hope Simpson St. Lewis Critical Rare Earth Elements (CREE) District in SE Labrador. The drill program is expected to commence shortly, as our drilling contractor mobilizes on site this week. The drilling is expected to be completed in early December, 2022.

FOX MEADOW DRILL PROGRAM

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
E-Tech Resources Announces Diamond Drilling Intersects Thick, Rare Earth Element  Mineralisation, Open at Depth and Along Strike at Eureka

E-Tech Resources Announces Diamond Drilling Intersects Thick, Rare Earth Element Mineralisation, Open at Depth and Along Strike at Eureka

E-Tech Resources Inc. (TSXV: REE) ("E-Tech or the Corporation") is pleased to announce that its Phase 2 diamond drilling program has again successfully intersected shallow and thick REE mineralisation at its 100% owned Eureka REE Project

Highlights from the diamond drilling include:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Search Minerals Reports 14000m Deep Fox Phase 4 Drill Program is Completed

Search Minerals Reports 14000m Deep Fox Phase 4 Drill Program is Completed

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company ") is pleased to announce that the planned 14,000m drilling of the DEEP FOX Phase 4 drill program have been completed. DEEP FOX, our second resource, is located within the Port Hope Simpson St. Lewis Critical Rare Earth Elements (CREE) District in SE Labrador, Canada. (April 11, 2022 - Search Minerals Announces Increased DEEP FOX and FOXTROT Mineral Resource Estimates.) The drill program consisted of a total of 76 drill holes totalling 14,013 m of which 63 drill holes were for additional resource delineation and exploration and 13 drill holes were for the geotechnical and hydrogeological program. Our geology team will have all holes logged and sampled, with all samples sent for assay, in the next several weeks.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×