Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, announces the filing of the Company's interim condensed financial statements and associated management's discussion and analysis for the three and six months ended June 30, 2024 (the " Q2 Report ").
Complete details of the Q2 Report are available on SEDAR+ at www.sedarplus.ca , and on HEVI's website .
Three and Six Months Ended June 30, 2024 Highlights:
| Three months ended | Six months ended | |||
| Tabular amounts in thousands of Canadian Dollars, except share and per share amounts | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 |
| Financial | ||||
| Net loss | 254 | 331 | 493 | 642 |
| Net loss per share, basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash | 4,766 | 7,728 | 4,766 | 7,728 |
| Working capital | 4,708 | 8,781 | 4,708 | 8,781 |
| Total assets | 10,863 | 13,027 | 10,863 | 13,027 |
| Total liabilities | 374 | 375 | 374 | 375 |
| Weighted average shares outstanding | ||||
| Basic and diluted 1 | 96,033,974 | 96,033,974 | 96,033,974 | 96,033,974 |
1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.
During the three and six months ended June 30, 2024, HEVI continued to execute on its focused strategy of developing the Company's 5.6 million acres of helium rights in southern Saskatchewan. With three recent helium discoveries, HEVI has made considerable progress on its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. HEVI has remained committed to maintaining ongoing financial flexibility, as evidenced by the Company's positive working capital position of $4.7 million at June 30, 2024, excluding $0.8 million of tubing and casing that was pre-purchased but not yet utilized.
Operations Update
HEVI is also pleased to provide an operations update, including stimulation results from the helium discovery well at 9-18-3- 8W3 (the " 9-18 Well ") at Mankota, in which HEVI maintains a 20% working interest alongside its partner and the operator of the 9-18 Well, North American Helium Inc. (" NAH ").
HEVI and NAH are strategically planning to embark on an ambitious drilling program, with up to nine joint development wells (the " New Wells ") that are expected to build on the three existing helium discoveries in the Mankota area of Saskatchewan, each of which is described in more detail below. To date, surface and environmental restrictions have prevented access to certain parts of Mankota, resulting in some deferrals of drilling, testing and other operating activities in the area. Given this seasonal shift, go forward development at Mankota will be targeted through the upcoming winter months, when restrictions are eased and access allowed.
For context, the map shown here demonstrates the positioning of each of HEVI's helium discovery wells, future drilling targets and the processing facility licensed at 12-30-2-8W3 (the " 12- 30 Facility ").
Helium Discovery - 9-18 Well
Helium Discovery - 2-31 Well
Helium Discovery - 9-35 Well
New Well Drilling and Seismic Program
Looking ahead, HEVI remains strategically positioned and highly differentiated due to its successful partnership with NAH, Canada's leading helium driller and producer in Saskatchewan. With a sizeable land base, healthy working capital and numerous catalysts on the horizon, the Company remains excited about the future.
HEVI wishes to thank all shareholders and stakeholders for their continued support and looks forward to providing future updates on its exploration and development activities.
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. 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 | heviinfo@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 ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders, future production from the 9-18 Well, the 2-31 Well and the 9-35 Well, the Company's expectations regarding scalable helium production from its land generally, the Company and/or NAH's plans with respect to the 9-18 Well, the 2-31 Well and the 9- 35 Well, potential drilling locations on the 4 Crown Sections, water production in the 9-18 Well, the 2-31 Well and the 9-35 Well, the Company's expectations regarding recoverability of helium, the size and nature of the reservoir, the Company and/or NAH's ability to identify future exploration and drilling targets including the New Wells, exploration strategies and delineation, productivity and commerciality of downdip reservoirs, productivity of multiple helium bearing zones, presence of a trap or cap rock in the Mankota area, the size of the helium fairway, the Company and/or NAH's plans with respect to drilling the New Wells, the Company's ability to identify seismic studies, shooting seismic over the 4 Crown Sections and the timing thereof, the success of the partnership with NAH, the Company's intention to provide further updates regarding significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, the 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, 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 and/or HEVI 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 9-18 Well; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans including the New Wells and/or wells on the 4 Crown Sections; the Company may abandon, defer or accelerate its plans to acquire or shoot seismic; the Company and/or NAH may determine not to bring the 9-18 Well, the 2-31 Well and/or the 9-35 Well onto production; the Company may abandon its plans to shoot seismic and/or acquire seismic studies; 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, 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.
Photos accompanying this announcement are available at
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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 provide an update regarding its Mankota helium discoveries.
The 9-18-3-8W3 well (" 9-18 Well ") stimulation is now anticipated to take place later in June or in July 2024. The delay is due to higher than normal rainfall in the Mankota area, which has impacted the surface conditions and postponed the start of the 9-18 Well stimulation.
Looking ahead, HEVI is diligently working on acquiring surface leases for multi drilling locations on four sections of recently acquired land, in which the Company holds a 100% working interest (" 4 Crown Sections "). In addition, HEVI and its partner, North American Helium Inc. (" NAH "), are working together to finalize drilling locations and acquire surface leases for up to nine joint development wells (the " New Wells ") on a defined helium trend in the Mankota area. The New Wells are expected to spud between Q3 2024 and Q2 2025.
Additionally, HEVI announces that, subject to applicable TSX Venture Exchange approval, the Board of Directors of the Company has approved the amendment of an aggregate of 700,000 incentive stock options, of which 420,000 incentive stock options have vested (the " Amended Options "), previously granted to certain consultants, and investor relations service providers of the Company under the Company's 2021 stock option plan (the " Option Amendments "). The Amended Options were originally granted on June 30, 2022 at an exercise price of $0.385 per share and are exercisable until June 30, 2027. Pursuant to the Option Amendments, the exercise price of the Amended Options has been amended to $0.15 per share and there is no change to the expiry date. None of the Amended Options are held by insiders of the Company.
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 the Company's current 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. 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 | heviinfo@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 to obtain TSXV approval, the Company's ability to obtain the necessary consents, approvals or authorizations, and the timing and possible outcome of same, the Company's expectations regarding the Company and/or NAH's development and exploration plans and ability to obtain surface leases, the Company's expectations regarding the Mankota helium discoveries, the Company and/or NAH's ability to identify future exploration and drilling targets including the New Wells, the stimulation of the 9-18 Well including the timing and the achievable results 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: the Company may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans including the New Wells and/or the 4 Crown Sections; the Company and/or NAH may be unable to obtain surface leases; the Company and/or NAH may abandon plans to stimulate the 9-18 Well; the Company may not receive the necessary consents, approvals or authorizations required.
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.
News Provided by GlobeNewswire via QuoteMedia
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 report that all matters presented for approval at its annual general and special meeting of shareholders held on May 22, 2024 (the " Meeting ") were approved. A total of 29,481,254 common shares representing 30.7% of the Company's issued and outstanding common shares were voted in person or represented by proxy at the Meeting.
The shareholders voted in favour of all matters set out in the Company's Management Information Circular dated April 22, 2024 (the " Circular "), including the election of all seven director nominees of HEVI for the ensuing year or until his or her successor is elected or appointed. Each nominee received greater than 96% of votes in favour.
At the Meeting, shareholders also approved: (1) fixing the number of directors of the Company for the ensuing year at seven; (2) appointing KPMG LLP as the auditors of the Company for the ensuing year and authorizing the directors to fix the remuneration to be paid to the auditors; and (3) approving and confirming the rolling 10% stock option plan of the Company, as more particularly described in the Company's Circular.
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 the Company's current 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. 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 5.6 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 | Phone: 1-587-330-2459 |
| Kristi Kunec, CFO | Email: info@heliumevolution.ca |
| Web: https://www.heliumevolution.ca/ | |
| Cindy Gray, Investor Relations | info@5qir.com | 1-403-705-5076 |
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.
News Provided by GlobeNewswire via QuoteMedia
Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company's interim condensed financial statements and associated management's discussion and analysis for the three months ended March 31, 2024 (the " Q1 Report ").
Complete details of the Q1 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI's website.
Three Months Ended March 31, 2024 Highlights:
| Three months ended | ||
| Tabular amounts in thousands of Canadian Dollars, except share and per share amounts | March 31, 2024 | March 31, 2023 |
| Financial | ||
| Net loss | 239 | 311 |
| Net loss per share, basic and diluted | 0.00 | 0.00 |
| Cash | 5,304 | 8,229 |
| Working capital | 4,992 | 9,226 |
| Total assets | 11,293 | 13,094 |
| Total liabilities | 668 | 356 |
| Weighted average shares outstanding | ||
| Basic and diluted 1 | 96,033,974 | 96,033,974 |
1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.
During the three months ended March 31, 2024, HEVI continued to execute on its focused strategy of developing the Company's 5.6 million acres of helium rights in southern Saskatchewan. With three recent helium discoveries and a six to nine well drilling program as announced on April 2, 2024, HEVI has made considerable progress on its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. HEVI has remained committed to maintaining ongoing financial flexibility, demonstrated by a positive working capital position of $5.0 million at March 31, 2024, excluding $0.8 million of tubing and casing that was pre-purchased and not utilized.
HEVI wishes to thank all shareholders and stakeholders for their continued support and as always, HEVI is committed to updating the market on significant events and developments as information becomes available.
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 the Company's current 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. 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 5.6 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 | Phone: 1-587-330-2459 |
| Kristi Kunec, CFO | 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 ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders, the Company's expectations regarding scalable helium production from its land generally, the Company's expectations regarding recoverability of helium and development of the three recent helium discoveries, the Company's ability to preserve capital, the drilling ,timeline for and success of any future drills, 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 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: the Company and/or its partner may be unsuccessful in drilling commercially productive wells; the Company and/or its partner may choose to defer, accelerate or abandon its drilling plans; the Company and/or its partner may determine not to bring wells onto production; 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.
News Provided by GlobeNewswire via QuoteMedia
Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company's annual financial statements and associated management's discussion and analysis for the year ended December 31, 2023 (the " Annual Report ").
Complete details of the Annual Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI's website .
Three Months and Year Ended December 31, 2023 Highlights:
| Three months ended | Year ended | |||
| Tabular amounts in thousands of Canadian Dollars, except share and per share amounts | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 |
| Financial | ||||
| Net loss | 1,719 | 520 | 2,953 | 7,363 |
| Net loss per share, basic and diluted | 0.02 | 0.01 | 0.03 | 0.09 |
| Cash | 6,330 | 9,128 | 6,330 | 9,128 |
| Working capital | 5,743 | 10,236 | 5,743 | 10,236 |
| Total assets | 11,639 | 13,022 | 11,639 | 13,022 |
| Total liabilities | 872 | 226 | 872 | 226 |
| Weighted average shares outstanding | 96,033,974 | 96,033,974 | ||
| Basic and diluted 1 | 96,033,974 | 78,397,100 | ||
| 1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive. |
During the year ended December 31, 2023, HEVI continued to execute on its focused strategy of developing the Company's 5.6 million acres of helium rights in southern Saskatchewan and advancing its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. HEVI has remained committed to maintaining ongoing financial flexibility, demonstrated by a positive working capital position of $5.7 million at December 31, 2023, excluding $0.8 million of tubing and casing that was pre-purchased and not utilized.
Operations Update
Looking forward to the remainder of 2024 and into 2025 and as announced on April 2, 2024 , the Company is strategically planning to embark upon a drilling program in the Mankota area of Saskatchewan with its partner, North American Helium Inc. (" NAH "), building upon three existing helium discoveries in the region. HEVI and NAH are planning to drill up to nine joint development wells (the " New Wells ") which are expected to spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions. With HEVI's 20% working interest in the New Wells, the Company is positioned to capitalize on this strategic expansion.
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 the Company's current 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. 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 5.6 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 regarding the Company's expectations regarding the Company and/or NAH's exploration and drilling plans including the New Wells, the Company's expectations regarding scalable helium production from its land generally , the Company's expectations regarding recoverability of helium, the Company and/or NAH's ability to identify future exploration and drilling targets, the Company's ability to capitalize upon the New Wells, increasing shareholder value, the Company's ability to preserve capital, the drilling timeline for and success of any future Company and/or NAH drills, 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 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: the Company may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its drilling plans, including the New Wells; the Company and/or NAH may determine not to bring wells onto production; 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.
News Provided by GlobeNewswire via QuoteMedia
Coelacanth presents a compelling investment opportunity with its ownership of approximately 150 net sections in the Montney Formation in the Two Rivers oil and liquids rich natural gas region, boasting $64.4 million in working capital and a strategic position near major producers.
Coelacanth Energy (TSXV:CEI) is a junior oil and natural gas exploration and development company, focusing primarily on the prolific Montney region in northeastern British Columbia, Canada. With a substantial landholding of approximately 150 net sections in the Two Rivers area of Montney, Coelacanth is strategically positioned to harness the potential of one of the most resource-rich natural gas basins in North America. This company sets itself apart with its well-structured growth strategy, financial stability, and commitment to sustainability, making it one of the promising junior players in the region.
Coelacanth Energy has established a strong foundation to deliver on its future production targets by ensuring it is fully permitted and funded to embark on its infrastructure developments. The company is in the process of deploying $ 80 million to facilitate the smooth transition from exploration to production. Coelacanth’s financial health is further evidenced by its $64.4 million in working capital as of Q2 2024. This financial cushion not only supports ongoing infrastructure projects but also provides the company with the flexibility to expand its operations.
Capital deployed for project development will be allocated towards constructing processing facilities, pipelines, and necessary gathering lines, which are all crucial components for transporting and processing oil and gas. With processing contracts secured for up to 60 million cubic feet per day (mmcf/d) and long-term gas takeaway agreements for 100 mmcf/d, Coelacanth is well-positioned to scale its production quickly and efficiently. The company aims to have its infrastructure fully operational by mid April 2025, ramping up cashflow, marking a significant milestone in its transition to a full-scale production company.
The Montney Formation is recognized as one of the most significant natural gas reserves in North America, covering large portions of British Columbia and Alberta. Known for its high levels of natural gas and natural gas liquids (NGLs), Montney has attracted numerous large oil and gas producers, including companies like Canadian Natural Resources (CNQ), Shell, ARC Resources (ARX), Tourmaline Oil Corp (TOU), and ConocoPhillips (COP). The presence of such large players highlights the importance of this region in contributing to both the Canadian and global energy markets.
Coelacanth’s landholdings are strategically located in the Two Rivers area of Montney, giving it access to a highly productive portion of the basin. Unlike many junior exploration companies, Coelacanth is drill-ready, positioning it favorably among its peers. By securing significant infrastructure and landholdings, Coelacanth ensures its ability to tap into the natural gas and oil resources that lie beneath its properties, a key advantage in the competitive Montney region.
Coelacanth Energy Inc. has adopted a well-defined two-pronged strategy for growth, which focuses on both immediate production goals and long-term resource development. This approach provides a balanced focus on infrastructure development and resource delineation.
Coelacanth is focused on delineating its land base resources alongside infrastructure development. This involves drilling wells to explore and prove the extent of hydrocarbon deposits across multiple zones within the Montney Formation. By continuing to delineate its resources, the company aims to demonstrate the productivity and economic viability of its assets, which is critical for long-term growth. The delineation process also helps Coelacanth de-risk its projects, ensuring that future drilling activities are economically sound.
Compelling test results and initial reserves bookings
The Two Rivers East project is Coelacanth’s primary development focus. This area has shown significant potential for oil and gas production, with initial tests yielding compelling results. The proved and probable reserves (P+P) for Two Rivers East are estimated at 1,532 mboe per well, with approximately 30 percent of the reserves comprising oil and NGLs. Initial production tests from wells in the Lower Montney zone have confirmed the commerciality of this resource, with one well producing 1,345 barrels of oil equivalent per day at (boepd) at 61 percent oil, and three others producing an average of approximately 1,300 boepd at averaging 38 percent oil. These results underscore the viability of Two Rivers East as a key asset for Coelacanth’s future growth.
The Two Rivers West project also holds considerable proved and probable reserves of approximately 1,148 mboe, 34 percent of which consist of oil and NGLs. Similar to Two Rivers East, initial production tests have demonstrated strong deliverability. For example, the Upper Montney well in this region produced an average of 1,284 boepd during its test phase. These tests indicate that the Two Rivers West project will contribute significantly to Coelacanth’s production capabilities as it continues to expand its operations.
Coelacanth’s strategic location in the Montney, coupled with large contiguous landholdings and established infrastructure, positions the company for long-term growth. The company’s land position in the light oil window of Montney further enhances its value, as light oil typically commands a premium over heavier oil grades. Coelacanth is the number one landholder in this lucrative area, providing it with a significant competitive edge.
Moreover, Coelacanth’s management team has a proven track record, having successfully built and sold six oil and gas companies prior to founding Coelacanth. This experience adds credibility to the company’s long-term growth strategy, instilling confidence that Coelacanth can replicate its past successes in the Montney region.
Rob Zakresky has a significant background in the oil and gas sector, previously serving as the president and CEO of Leucrotta Exploration as well as five additional predecessor companies. He has been with Coelacanth Energy since its inception and is recognized for his strategic leadership and focus on enhancing shareholder value. His expertise in financial management and operations is reflected in his approach to driving the company's growth.
Bret Kimpton joined Coelacanth Energy in 2022, bringing a wealth of experience from his previous role as vice president of production at Storm Resources, where he contributed to significant production growth. He has a strong background in construction and operations, especially in the Montney region of British Columbia, managing various fields. His role at Coelacanth focuses on overseeing operational efficiency and implementing the company's growth strategies.
Nolan Chicoine has also been with Coelacanth Energy since its inception. His responsibilities encompass financial oversight, including financial planning, reporting, and analysis. He plays a crucial role in aligning the financial strategies with the company's operational goals. His background includes significant experience in financial management as CFO for Leucrotta Exploration, Crocotta Energy, and Chamaelo Energy.
HIGHLIGHTS
Although one licence, ATP 2077 is broken into 3 geographically separate sub blocks (see map below). Sub-Block A is located immediately proximate to ATP 2044 and contains similar Taroom Trough geology. A contingent resource booking was announced when the block was awarded (see ASX announcement of 19 August 2024). Sub-Block B also overlies the Taroom Trough, however given the further distance from Project Grandis the resource here is considered prospective in nature - at this stage. Sub-Block C lies outside the Taroom Trough, is immediately adjacent to existing gas infrastructure and is prospective for shallower conventional oil and/or gas drilling targets.
Location map of ATP 2077 showing Sub-Blocks A, B and C
Based on recent internal technical work undertaken, Elixir has booked a prospective resource estimate for ATP 2077 Sub-Block B – see table below.
Notes to Prospective Report Table:
1. These are un-risked prospective resources that have not been risked for geological success or the chance of development. The chance of success for tight sands and deep coal was estimated at 65% and 27% respectively. Both targets are considered trapped in an unconventional setting. The chance of commercial development is estimated at 50% for each.
2. Each reservoir target was evaluated probabilistically and the totals added arithmetically.
3. Prospective Resources have been assessed on the basis that they are unconventional in nature.
4. ATP is an Authority To Prospect, which allows a company to explore for hydrocarbons in Queensland.
5. Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further explorations appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. These Prospective Resource estimates are for the tight sandstones and deep Permian coals within Block B only. The estimates assume the same Basin Centered Gas (BCG) play is present, and similar reservoir parameters to ATP 2044 have been used. The block is mature for drilling, and exploration drilling may occur in the years to come.
6. Elixir’s technical team analyzed seismic, drilling, logging and test data to make these estimates. Specific analysis undertaken included seismic interpretation, geological correlations, core analysis, wireline petrophysics, chromatographic gas analysis and production test analysis.
7. Further detailed notes on the background to the preparation of the Prospective Resource Report are set out in Appendix 1.
In ATP-2077 Sub-Block C (also known as the Diona Block), Elixir is currently conducting farmout negotiations under which it is seeking an incoming party to fund the cost of an exploration well. The Company will provide an update on these in due course.
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Charbone Hydrogen (TSXV:CH) offers a compelling investment opportunity in the US$89 billion green hydrogen market, leveraging a decentralized approach for scalable plant deployment and focusing on environmentally friendly production to reduce carbon footprints.
Charbone Hydrogen (TSXV:CH,OTCQB:CHHYF,FWB:K47) is the only publicly listed green hydrogen firm in Canada looking to expand across North America (US and Canada) with a pipeline of new projects. This is an opportune time for Charbone as the world races to find effective solutions to meet its net-zero ambitions by 2050. Green hydrogen could be a perfect fit as a potentially low-emitting fuel source. There is an increasing realization of the potential of hydrogen in serving as a low-emissions substitute for fossil fuels in residential as well as industrial use cases.
The Government of Canada has laid out its hydrogen policy, aiming to meet nearly 30 percent of its energy requirement in 2050 by hydrogen, as well as become one of the top three clean hydrogen producers globally. The presence of abundant hydroelectric power, favorable government policies, and a progressive tax regime should boost hydrogen production in the country. The 2023 federal budget includes more than $17 billion in tax credits over the next five years to help fund clean energy projects, including hydrogen.
Green hydrogen: key element to decarbonize the world
The US Department of Energy expects to produce 10 million metric tons (MMT) of hydrogen annually by 2030 and eventually reach 50 MMT by 2050. According to US Deputy Secretary of Energy David Turk, 50 MMT of hydrogen could power every bus, train, plane and ship in the US.
Charbone stands to benefit from rapid adoption of hydrogen as an alternative to fossil fuels. Moreover, Charbone’s focus solely on “green hydrogen” should further its position among investors looking for opportunities to invest in sustainable energy solutions. Green hydrogen is produced when the energy used to power electrolysis comes from renewable sources like wind, water, solar or nuclear. Charbone has clearly stated its intentions to leverage hydropower and nuclear energy to produce hydrogen.
Carbone forged strong partnerships to execute its business model.
The company plans to construct 16 hydrogen projects across North America (six in Canada and 10 in the US) over the next four years. The first of which is under construction at Sorel-Tracy in Quebec. The Sorel-Tracy facility is located on a 40,000-square-meter land parcel along Quebec Highway 30, known as the “Steel Highway” because of the numerous steel mills and process plants operating along the highway.
The construction of Phase 1 of its Sorel-Tracy facility is being done in partnership with EBC, one of the largest construction companies in Quebec. EBC has a proven track record of designing and building facilities in Canada and the US. The partnership agreement gives EBC the right of first refusal to construct additional Sorel-Tracy phases, as well as one or all of Charbone’s facilities within the North American market.
In addition, Charbone has entered into several other strategic partnerships all aimed to expand its footprint in North America. The company entered into a special consultancy agreement with Enki GéoSolutions for potential partnership proposals as a co-operator and distributor of an emerging form of clean and renewable hydrogen, known as white or natural hydrogen.
In June 2024, Carbone executed a supply agreement for a complete containerized electrolyzer system ready for shipment to its flagship green hydrogen site in the City of Sorel-Tracy, Quebec. The electrolyzer has a higher capacity than originally planned and will significantly enhance initial operational capacity estimates. The company also acquired its first tube trailer for the transport and bulk delivery of compressed green hydrogen produced from the City of Sorel-Tracy, Quebec flagship project to local and domestic customers.
This partnership allows Charbone to sell hydrogen produced at the Sorel-Tracy facility to Superior Propane, a subsidiary of Superior Plus. Such supply agreements ensure that Charbone can generate cash flow immediately following the commencement of production.
Carbone Hydrogen entered into an off-take partnership with Superior Plus on the supply and
distribution of green hydrogen.
Another such supply agreement was signed in November 2023 with NEK Community Broadband, which ensures the supply of green hydrogen in the Northeast Kingdom of the state of Vermont (USA). NEK Broadband is building a high-speed broadband infrastructure and plans to install a hydrogen fuel cell backup system for a reliable power supply.
Further advancing its goal of US expansion, Charbone signed a memorandum of understanding in December 2023 with Michigan’s Oakland County Economic Development Department to set up Charbone’s first green hydrogen facility in the United States. Oakland County is home to major automakers, and a green hydrogen facility in their proximity will support the effort of producing environmentally friendly mobility options.
Being the only publicly listed green hydrogen player in Canada, Charbone offers investors a unique opportunity to participate in the rise of green hydrogen as a potential low-emitting alternative to fossil fuels.
Dave Gagnon has been chairman and chief executive officer of Charbone Hydrogen Corporation since April 21, 2022. He has been a climate tech entrepreneur for the last 25 years, and was the first entrepreneur in Canada to start a wind turbine company and offer a new alternative energy solution in North America. Gagnon also worked with an institutional investor that manages several public pension plans, Caisse de depot et placement du Quebec, where he gained deep knowledge of the financial markets.
Benoit Veilleux was appointed as the CFO of Charbone on August 15, 2022. Veilleux has over 15 years of experience in corporate accounting and finance. He began his professional career at KPMG in 2003, where he managed and coordinated audit teams for public companies until 2010. Since then, he has worked with a number of companies including Air Liquide Canada and the Hypertec Group.
Daniell Charette has been the chief operating officer of Charbone since February 2019. He brings over 25 years of experience in running and managing renewable energy companies. He has worked in senior leadership roles with several renewable companies including NEG Micon A/S, Vestas and Brookfield Power. He has served on various association boards and councils, including the Canadian Wind Energy Association, Association Québécoise des Producteurs d’Énergie Renouvelable, and Latin Wind Energy Association.
Francois Vitez is a hydropower and energy storage expert with more than 24 years of experience in the development, engineering and construction management as well as operations and maintenance of hydropower and energy storage projects in North America and internationally. He is a board member and chair of the Value of Hydropower committee at Waterpower Canada, vice-chair of the Energy Storage Association of Canada, board member of the California Energy Storage Association, and member of the International Hydropower Association.
Patrick Cuddihy is a seasoned operations leader with over 20 years of experience at Air Liquide Canada, to its hydrogen operations team. Patrick brings a wealth of expertise in managing industrial gas production and distribution, having held senior roles including network sales director for Quebec Region, general manager for Pacific Region, director of procurement services, and director of logistics and assets for the Eastern Region.
HIGHLIGHTS
MANGAGING DIRECTOR’S REPORT TO SHAREHOLDERS FOR THE QUARTER
The Daydream-2 appraisal well was again the key focus for Elixir during the quarter. The considerable successes of this program (albeit with some ebbs and flows typical of an early stage appraisal program) has provided the Company with a very strong platform to continue to de-risk the Grandis Project.
North America’s considerable experience in large unconventional plays over the last two decades indicates that having multiple operators try different approaches to “cracking the code” to most effectively liberate gas presents by far the optimal approach to really open up such plays.
In this context Elixir is very pleased to be currently accompanied by other active explorers in Queensland’s Taroom Trough. Collectively, considerable sums are being invested, contingent resources booked, knowledge transferred and service sector capabilities continuously improved.
During the last quarter Elixir’s contributions to these collective efforts were material and multiple. These included flowing gas from five out of six stimulated zones, including from deep coals for the first time in this region.
Elixir expects the various current – and likely new – Taroom Operators to expand their efforts in the years to come - to ultimately deliver a lot of gas into the nearby infrastructure that can readily take it to desperately short domestic and international markets.
In the current early stage of such a large play, the teething issues that typically arise include rationing of the required equipment, service sector companies requiring different approaches, etc. Elixir has experienced some of these – but we are convinced that we can see these already being ironed out. For instance, the collective efforts in the region are already leading to interest from the likes of new service sector and infrastructure companies, with highly relevant international expertise and equipment.
During the quarter Elixir was formally granted ATP 2077 – which immediately added 175 Bcf of new contingent resources. The timeline from being notified as preferred tenderer to formal award was very rapid – reflecting the strong Queensland regulatory environment generally and the well established oil and gas presence in the immediate region specifically.
Post the end of the quarter, Elixir was pleased to execute a Memorandum of Understanding with Australian Gas Infrastructure Group (AGIG) to provide a framework under which to better investigate the development of the required infrastructure to take Taroom sourced gas to the nearby market interfaces. Elixir sees this is also an area of potential fruitful cooperation.
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This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.