Home to the largest helium purification facility in Canada and one of the most highly concentrated helium resources in the world, the province of Saskatchewan is an emerging jurisdiction for helium exploration and production. With its proximity to the US, one of the world’s largest helium consumers, the province is accelerating the development of its helium sector.
Through the Helium Action Plan, launched in 2021, the Saskatchewan government aims to improve its competitiveness and increase investments across the helium value chain: from exploration and production to innovation, processing and exports.
Helium Evolution (TSXV:HEVI) is a Canadian helium exploration and production company focused on developing its helium assets in southern Saskatchewan. It’s leveraging Saskatchewan’s value proposition as a ‘green’ alternative to harvesting helium as a byproduct of natural gas. HEVI owns land rights to approximately 5.6 million acres, representing the largest land package in Canada controlled by a public entity.
HEVI’s land package is located in a helium-rich area and in close proximity to the US market, which is among the largest helium consumers in the world.
HEVI selected southern Saskatchewan for a variety of reasons. First, the decaying uranium in the area’s basement rocks has produced significant helium reserves throughout southern Saskatchewan. Second, Helium Evolution’s target geological formation, known as “The Deadwood”, contains up to 2 percent proven helium content alongside more than 95 percent nitrogen content. Existing geophysical data is readily available and will help Helium Evolution select the best drill targets.
Why does this matter? The presence of nitrogen as the carrier gas allows Helium Evolution to vent the gas in an environmentally friendly manner while also providing cost advantages during the helium extraction and liquefaction processes. Additionally, drilling for helium is similar to extracting conventional natural gas, meaning there’s no need for specialized equipment, and management’s existing oil and gas development expertise can be leveraged. Low-cost vertical drilling is all that’s required for HEVI to begin extraction.
HEVI’s unique competitive advantage comes in the form of a farm-out agreement with and a $3.5-million equity investment by North American Helium (NAH). The farm-out deal enables NAH to drill five development wells on HEVI land, with an option for two additional wells, offering HEVI near-term drilling catalysts that can accelerate cash flow generation without incurring up-front capital costs, all while retaining 99 percent of its land base.
The agreement also provides HEVI, at no cost, NAH’s proprietary seismic 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.
HEVI’s landholding is adjacent to NAH’s discovery of two helium pools at Mankota and Cadillac. The Mankota Pool is a nitrogen-rich reserve with helium concentrations of 0.94 percent to 1.08 percent.
HEVI land is adjacent to NAH’s Cadillac and Mankota Discoveries
In November 2023, HEVI made its first joint helium discovery with NAH following the completion of the Deadwood zone and initial testing of the joint well drilled at 2-31-2-8W3 (Joint Well #1). The well underwent a series of tests to confirm flow rates, reservoir boundaries and gas composition, all of which represent important data points to help inform future development plans in the area. Joint Well #1 had helium concentrations of 0.95 percent – more than three times the 0.3 percent level deemed commercially viable – and 96 percent nitrogen. This gas composition is consistent with NAH's producing helium pool 15 kilometers to the north, supporting HEVI's belief that the area offers meaningful potential for commercial helium development.
HEVI is led by an impressive management team with a combined 150 years of resource development experience, including engineering, geological and executive management across the corporate landscape. CEO Greg Robb boasts 35 years of direct experience in Western Canada, where he focused on the acquisition and development of natural resources in the region. Patrick Mills, COO, brings over three decades of executive, managerial and engineering experience in Western Canada. Kristi Kunec, CFO, 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. Furthermore, vice-president John Kanderka has 40 years of directly applicable experience in the energy and mineral sectors, serving as an officer in both public and private entities. The management team is complemented by a strong board of directors, including the former premier of Saskatchewan, Brad Wall.
Helium Evolution is targeting a geological formation known as “The Deadwood Sand Reservoir” for its initial exploration and development. More than 185 potential helium anomalies have already been identified.
Greg Robb brings more than 35 years of experience across all facets of Western Canadian energy resource activity, including exploration and development, acquisitions and dispositions, and reserve valuations. He previously held executive positions in several E&P companies and founded Salvo Energy Corp. in 2006. He has extensive experience in heavy oil, shallow gas, coal bed methane, deep basin tight gas, and conventional oil and gas plays, evaluating over $500 million of acquired assets.
Patrick Mills has more than 36 years of executive, managerial, and engineering and operational experience in the Western Canadian Sedimentary Basin. He previously founded Mustang Resources and Pegasus Oil & Gas, where he held executive and board positions, as well as technical and managerial positions with Texaco, Imperial Oil and Startech Energy.
Kristi Kunec has more than 15 years of financial experience, 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, and prior to it, she was chief financial officer and corporate secretary for Pine Cliff Energy (TSX:PNE). 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, Kunec was controller for North American Oil Trust, corporate controller for Orion Oil & Gas, and manager of financial reporting for TransGlobe Energy. After graduating with a Bachelor of Commerce from the University of Saskatchewan, she began her career at PriceWaterhouseCoopers LLP in 2003, earning her CPA, CA designation in May of 2006.
John Kanderka has more than 40 years of experience in the energy and mineral sectors as an officer and director of private and public entities. He founded multiple companies leading to a wide array of experience in corporate finance, mergers and acquisitions, buyouts, and corporate restructuring. He is currently a director of Orestone Mining and chairman and founder of Visionary Gold.
James Baker has over 40 years of resource development experience in Saskatchewan and Alberta in field operations, consulting, and executive-level positions. Extensive experience consulting to industry and government in oil and gas, power, and paper recycling. Currently a board member of Kineticor Resource, a former director of SaskEnergy, Hanson Engineering, and Heritage Gas.
Brad Wall is a special advisor in the Osler Calgary office. Prior to joining Osler, he was in politics for 18 years where he demonstrated a consistent ability to bring political and business leaders together as he implemented creative ways to bolster the Province’s economic well-being. Wall was elected as Premier of Saskatchewan and helped lead the province to a period of record population and economic growth, export expansion, record infrastructure investment and tax reductions while helping to earn the province's first-ever AAA credit rating. Wall offers Osler clients his strategic insight and guidance, particularly in relation to the energy and agri-food industries.
Phillip Hughes has served as president and chief executive officer of five energy companies across Canada. He has extensive North American and international experience in electrical generation, transmission and distribution, oil and gas and natural gas transmission, distribution and processing. Currently, Hughes serves as chairman of Oceanic Wind Energy Group and of Kineticor Resource.
Michael Graham is an independent businessman with over 35 years of oil and gas experience. Graham served as an executive vice-president of EnCana Corporation from April 14, 2005, and served as its president of the Canadian Division until February 2012. Graham also serves on the board of directors of Halo Exploration and Saguaro Resources.
Jeff Barber was a co-founder and managing partner of a boutique M&A advisory firm in Calgary. He was an investment banker with national investment firms and began his career as an economist with Deloitte LLP. Barber has served on the board of Standard Lithium since 2017 and has been an independent businessman since September 2018. He has been a founder, director, and chief financial officer of Hiku Brands Company since 2016. He is a CFA charter holder and holds a master’s degree in finance and economics from the University of Alberta.
Heather Isidoro has more than 20 years of experience in the energy industry, the last 17 of which were focused on business development, most recently as the vice president of Business Development with Pine Cliff Energy Ltd. She specializes in acquisitions and divestitures, reserves valuations, and financial modeling. Isidoro is president and a director of the Petroleum Acquisitions and Divestitures Association, and a trustee of the University of Saskatchewan Engineering Advancement Trust. She has a BSc in geological engineering from the University of Saskatchewan and an MBA from Athabasca University.
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.
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Brossard, Quebec TheNewswire - September 18, 2024 Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is thrilled t o announce its receipt of multiple partnership proposals from natural hydrogen exploration companies. These proposals position CHARBONE as a co-operator and distributor of this emerging form of clean and renewable hydrogen, known as "white hydrogen".
Having long focused on green hydrogen projects, CHARBONE is now exploring to deepen its involvement in white hydrogen, to complement its future network of production facilities. By leveraging its extensive expertise in the hydrogen market, CHARBONE is poised to support exploration companies with services that will help accelerate the deployment of clean hydrogen across North America.
With a future network of at least 16 strategically located facilities throughout Canada and the U.S., CHARBONE will streamline the process of receiving, purifying, compressing, and distributing hydrogen to meet the growing demand. This capability allows CHARBONE to be a key player in the clean hydrogen supply chain, offering solutions that drive both innovation and efficiency.
"Charbone remains a leader in the green and clean hydrogen space, bringing unparalleled knowledge to the industrial market," said Dave Gagnon, Chief Executive Officer and Chairman of the Board, Charbone Hydrogen. "While we continue to expand our green hydrogen production capabilities as well as our surrounding ecosystem, we are also exploring other clean hydrogen sources, such as white hydrogen. Our future initial investment in this area will be measured, but as we gain confidence in its potential, we will scale up to maximize shareholder value ."
CHARBONE's green hydrogen production is set to begin later this year at its Sorel-Tracy, Quebec facility, with plans to launch a second site near Detroit, Michigan by year-end. The Company is also actively expanding its workforce and targeting additional high-potential markets, including New York, Ontario, Pennsylvania, Illinois, Wisconsin, and California. Additionally, CHARBONE has been invited to propose projects in two large-scale Requests for Information (RFIs). By 2030, the Company aims to establish 16 green hydrogen production facilities across North America.
Capital Management Update
In line with previous announcements on November 17, 2023, and July 24, 2024, CHARBONE has finalized remuneration debt settlements totaling $180,000 involving key management personnel, including the CEO. Following Exchange approval and disinterested shareholder consent on December 19, 2023, 1.8 million Common Shares have been issued to settle the debt. These shares are subject to a four-month statutory hold period.
About Charbone Hydrogen Corporation
CHARBONE is an integrated green hydrogen company focused on creating a network of modular green hydrogen production facilities across North America. Using renewable energy, CHARBONE produces eco-friendly dihydrogen (H2) for industrial, institutional, commercial, and future mobility users. CHARBONE is currently the only publicly traded pure-play green hydrogen company, with shares listed on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). Learn more at www.charbone.com .
Forward-Looking Statements
This news release contains statements that are "forward-looking information" as defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Contacts Charbone Hydrogen Corporation | ||||
Dave B. Gagnon | ||||
Chief Executive Officer and Chairperson of the Board | ||||
Telephone: | +1 438 844-7170 | |||
Email: | ||||
Daniel Charette | ||||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | ||||
Benoit Veilleux | ||||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | ||||
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
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Brossard (Québec) TheNewswire - le 18 septembre 2024 - CORPORATION CHARBONE HYDROGÈNE (TSXV: CH OTCQB: CHHYF, FSE: K47 ) (« Charbone » ou la « Société »), la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert, est heureuse d'annoncer la réception de plusieurs propositions de partenariat avec des sociétés d'exploration d'hydrogène naturel. Ces propositions positionnent Charbone en tant que co-opérateur et distributeur de cette forme émergente d'hydrogène propre et renouvelable, aussi connue sous le nom d'« hydrogène blanc ».
Après s'être exclusivement concentrée sur les projets d'hydrogène vert, Charbone étudie actuellement la possibilité d'approfondir son implication dans le secteur de l'hydrogène blanc, pour complémenter son futur réseau d'usine de production. En tirant parti de sa vaste expertise sur le marché de l'hydrogène, Charbone est en mesure de soutenir les sociétés d'exploration avec des services qui contribueront à accélérer le déploiement de l'hydrogène propre en Amérique du Nord.
Avec un futur réseau d'au moins 16 usines stratégiquement situées partout au Canada et aux États-Unis, Charbone rationalisera ses processus de réception, de purification, de compression et de distribution d'hydrogène pour répondre à la demande croissante. Cette capacité permettra à Charbone d'être un acteur clé dans la chaîne d'approvisionnement en hydrogène propre, en proposant des solutions qui stimulent à la fois l'innovation et l'efficacité.
" Charbone demeure un leader dans le domaine de l'hydrogène vert et propre, apportant des connaissances inégalées au marché industriel , a déclaré Dave Gagnon, Chef de la direction chez Charbone. " Tout en continuant à développer nos capacités de production d'hydrogène vert ainsi que notre écosystème environnant, nous explorons également d'autres sources d'hydrogène propre, comme l'hydrogène blanc. Notre investissement futur initial dans ce domaine sera dosé, au fur et à mesure que nous gagnerons en confiance dans son potentiel, nous l'augmenterons pour maximiser la valeur de nos actionnaires . "
La production d'hydrogène vert de Charbone devrait débuter plus tard cette année à son usine de Sorel-Tracy, au Québec, et prévoit lancer un deuxième site près de Détroit, au Michigan, d'ici la fin de l'année. La Société développe également activement ses effectifs et cible d'autres marchés à fort potentiel, notamment New York, l'Ontario, la Pennsylvanie, l'Illinois, le Wisconsin et la Californie. De plus, Charbone a été invité à proposer des projets dans le cadre de deux demandes d'informations (RFI) à grande échelle. D'ici 2030, la société vise à établir 16 installations de production d'hydrogène vert en Amérique du Nord.
Mise à jour sur la gestion du capital
Conformément aux annonces précédentes du 17 novembre 2023 et du 24 juillet 2024, Charbone a finalisé des règlements de dettes de rémunération totalisant 180 000 $ impliquant des membres clés de la direction, dont le PDG. À la suite de l'approbation de la Bourse et au consentement des actionnaires désintéressés le 19 décembre 2023, 1,8 millions d'actions ordinaires ont été émises pour régler la dette. Ces actions sont assujetties à une période de détention légale de quatre mois.
À propos de Charbone Hydrogène Corporation
Charbone est une compagnie intégrée de production d'hydrogène vert axé sur la création d'un réseau nord-américain d'usines de production. En utilisant des énergies renouvelables, Charbone produit du dihydrogène (H2) respectueux de l'environnement pour les utilisateurs industriels, institutionnels, commerciaux et de la mobilité future. Charbone est présentement la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert avec ses actions listées sur la Bourse de croissance TSX (TSXV: CH); les marchés OTC (OTCQB: CHHYF); et la Bourse de Francfort (FSE: K47). Apprenez-en davantage sur www.charbone.com .
Énoncés prospectifs
Le présent communiqué de presse contient des énoncés qui constituent de « l'information prospective » au sens des lois canadiennes sur les valeurs mobilières (« déclarations prospectives »). Ces déclarations prospectives sont souvent identifiées par des mots tels que « a l'intention », « anticipe », « s'attend à », « croit », « planifie », « probable », ou des mots similaires. Les déclarations prospectives reflètent les attentes, estimations ou projections respectives de la direction de Charbone concernant les résultats ou événements futurs, sur la base des opinions, hypothèses et estimations considérées comme raisonnables par la direction à la date à laquelle les déclarations sont faites. Bien que Charbone estime que les attentes exprimées dans les déclarations prospectives sont raisonnables, les déclarations prospectives comportent des risques et des incertitudes, et il ne faut pas se fier indûment aux déclarations prospectives, car des facteurs inconnus ou imprévisibles pourraient faire en sorte que les résultats réels soient sensiblement différents de ceux exprimés dans les déclarations prospectives. Des risques et des incertitudes liés aux activités de Charbone peuvent avoir une incidence sur les déclarations prospectives. Ces risques, incertitudes et hypothèses comprennent, sans s'y limiter, ceux décrits à la rubrique « Facteurs de risque » dans la déclaration de changement à l'inscription de la Société datée du 31 mars 2022, qui peut être consultée sur SEDAR à l'adresse www.sedar.com; ils pourraient faire en sorte que les événements ou les résultats réels diffèrent sensiblement de ceux prévus dans les déclarations prospectives.
Sauf si les lois sur les valeurs mobilières applicables l'exigent, Charbone ne s'engage pas à mettre à jour ni à réviser les déclarations prospectives.
Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'acceptent de responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.
Contacts
Pour de plus amples informations, veuillez contacter :
Dave B. G agnon | ||
Chef de la direction et président du conseil d'administration | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 844-7170 | ||
Courriel: dg@charbone.com | ||
Daniel Charette | ||
Chef de l'exploitation | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau : +1 438 800-4946 | ||
Courriel: dc@charbone.com | ||
Benoit Veilleux | ||
Chef de la direction financière et secrétaire corporatif | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 800-4991 | ||
Courriel: bv@charbone.com |
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Trillion Energy (CSE:TCF,OTCQB:TRLEF,Frankfurt:Z62) is a key player in Europe and Turkey's energy market, focusing on oil and gas exploration projects. Strategic investments and infrastructure set to meet energy demand in 2024 and beyond.
Trillion Energy operates primarily in the Black Sea region, where it has been rapidly increasing its natural gas production at SASB gas field since 2022. The company also expands into oil and gas exploration, particularly in Southeast Turkey. With established infrastructure, including gas plants and pipelines, the company is set to play a critical role in meeting the region’s energy demand in 2024 and beyond.
The SASB Gas Field in the Black Sea, off Turkey, is a significant natural gas project redeveloped by Trillion Energy. The gas field has produced over 43 billion cubic feet (BCF) of gas. SASB plays a crucial role in Turkey’s domestic energy supply
This Trillion Energy profile is part of a paid investor education campaign.*
Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces that our Board of Directors has declared a quarterly dividend of US$0.09 per common share, payable in cash on October 15, 2024 to shareholders of record at the close of business on September 30, 2024 . This dividend is designated as an "eligible dividend" for Canadian income tax purposes.
Dividend payments to non-residents of Canada will be subject to withholding taxes at the Canadian statutory rate of 25%. Shareholders may be entitled to a reduced withholding tax rate under a tax treaty between their country of residence and Canada. For further information, see Alvopetro's website at https://alvopetro.com/Dividends-Non-resident-Shareholders .
Corporate Presentation
Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé and Murucututu natural gas assets and our strategic midstream infrastructure.
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 news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the Company's dividends, plans for dividends in the future, the timing and amount of such dividends and the expected tax treatment thereof. The forward‐looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning expectations regarding the demand for natural gas and oil, the performance of producing wells and reservoirs, well development and operating performance, the success of future drilling, completion, and testing activities, Alvopetro's working interest in properties and the outcome of future redeterminations, the outcome of any disputes, equipment availability, the timing of regulatory licenses and approvals, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of global pandemics and other significant worldwide events, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, Alvopetro's working interest in properties and the outcome of future redeterminations, the outcome of any disputes, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/September2024/16/c6955.html
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With a strategic portfolio of oil and gas production and exploration projects, Trillion Energy is a compelling investment opportunity well-placed to play a critical role in Europe’s and Turkey’s energy market.
Trillion Energy (CSE:TCF,OTCQB:TRLEF,Frankfurt:Z62) is a natural oil and gas exploration company focused on providing energy to Turkey and Europe. The company operates primarily in the Black Sea region, where it has been rapidly increasing its natural gas production at SASB gas field since 2022. Trillion Energy is also expanding into oil and gas exploration, particularly in Southeast Turkey. With established infrastructure, including gas plants and pipelines, the company is set to play a critical role in meeting the region’s energy demand in 2024 and beyond.
Turkey is the seventh largest natural gas consumer in the world, importing 98 percent of its natural gas and 92 percent of its oil. Strong local demand, high gas prices (US$11/MCF), and favourable fiscal regimes (12.5 percent royalty and 22 percent corporate tax rates) provide a lucrative energy market.
Off the Turkey coast, the Black Sea gas pipeline plays a pivotal role in connecting Europe and Asia via Turkey, making it the only pipeline with such connectivity. This strategic infrastructure is key to Turkey’s energy ambitions, positioning the country as a vital energy hub between two continents. The pipeline is integral for distributing gas from the SASB Gas Field to both local and regional markets. Turkey's existing infrastructure also allows it to tap into this route for supplying gas to Europe, further enhancing its role in global energy supply.
The SASB Gas Field, located in the Black Sea, off Turkey, is a significant natural gas project redeveloped by Trillion Energy. Initially developed in 2007, the gas field has produced over 43 billion cubic feet (BCF) of gas. SASB plays a crucial role in Turkey’s domestic energy supply
Trillion’s development program for SASB consists of more than 17 production wells. More than $600 million have been invested into the historical wells and infrastructure at SASB. Six wells have been drilled in 2023, and the project is now producing at four production platforms.
Trillion aims to increase production at SASB to an exit rate of 8.5 million cubic feet per day by the end of 2024. The project benefits from high gas prices and strong infrastructure, with reserves valued at USD $420.5 million.
The SASB license block comprises 12,387 hectares, which expires in 2032, and is renewable until 2042.
Trillion Energy's Southeast Turkey project involves oil exploration in the Cudi-Gabar province. The 2023-2026 program includes drilling 10 wells across three blocks covering 151,484 hectares. Trillion holds a 50 percent interest by funding 100 percent of the costs, with seismic data acquisition and well drilling planned. The area is surrounded by major oil discoveries, including the nearby Sehit Aybuke Yalcin and Sehit Esma Cevik fields, which are rich in oil reserves.
The Cendere Oil Field, located in Turkey, is a long-term, stable oil production site in which Trillion Energy holds a 19.6 percent interest (with a lower interest of only 9.8 percent in three wells). The field produces around 110 to 120 barrels of oil per day net to Trillion Energy, generating $120,000 to $140,000 in monthly cash flow. With approximately 1.5 million barrels of oil reserves remaining, the field has a net present value of US$13.85 million for Trillion Energy.
Cendere Field Well Pads & Production Lines Map
Arthur Halleran has served as a director of Trillion Energy since October 4, 2011. He has a Ph.D. in Geology from the University of Calgary and 40 years of petroleum exploration and development experience. His international experience includes in countries such as Canada, Colombia, Egypt, India, Guinea, Sierra Leone, Sudan, Suriname, Chile, Brazil, Bulgaria, Turkey, Pakistan, Peru, Tunisia, Trinidad Tobago, Argentina, Ecuador and Guyana. Halleran has worked for Petro-Canada, Chevron, Rally Energy, Canacol Energy and United Hydrocarbon International. In 2007, Halleran founded Canacol Energy, a company with petroleum and natural gas exploration and development activities in Colombia, Brazil and Guyana, which made a billion-dollar natural gas discovery in Colombia.
David Thompson successfully founded an oil trading company in Bermuda with offices in the US and Europe (Geneva, Moscow and Amsterdam). He was responsible for the company’s production operations in Turkmenistan and successfully raised over $100 million in equity. He was also responsible for production at the Lhamov and Zhdanoy oil fields (offshore Caspian Sea – part of Turkmenistan project) which discovered producing reserves of 365 million barrels of oil and 2 TCF gas. He also negotiated the farm-out of a number of company assets. He is the managing director of AMS Limited, a Bermuda-based management company, and was the founder, president and CEO of Sea Dragon Energy (TSXV), CFO of Aurado Energy, CFO of Forum Energy Corporation (OTC), financial director of Forum Energy Plc (AIM) and SVP at Larmag Group of Companies. Thompson is a certified management accountant (1998).
Jay Park is a renowned energy lawyer with a particular focus on upstream oil and gas transactions. He has worked on energy projects in more than fifty countries, including Turkey. He has advised international energy companies, including oil and gas explorers, producers, marketers, pipeline companies, state oil companies, governments, banks and multilateral agencies such as the World Bank. Park was formerly CEO and then chairman of ReconAfrica, exploring for oil & gas in Namibia and Botswana. During this period ReconAfrica was twice named to the TSX Venture 50 and was the top performing 2021 TSX Venture 50 company from the energy sector. Park is currently executive chairman of MCF Energy, exploring for gas in Europe.
Sean Stofer has over 20 years of renewable energy experience. Stofer is a graduate of the University of British Columbia in Engineering and is a registered engineer in California. He is a founder of several successful renewable energy companies including for the Arctic's largest solar array; 250 MW of solar in the USA; 200+MW of wind projects and over 300MW of hydroelectric projects. He is COO of Green Data Center Real Estate, which uses renewable energy to power data centers. Stofer is leading a project of over 500 MW using wind, solar and hydropower. He has worked closely with the government to guide policy and has consulted to a wide range of companies. He was named among the Top 40 Under 40 in Vancouver, Canada for his business achievements.