Oil and Gas

Helium Evolution Provides Update on Seismic Acquisition and Second Farmout Well Drilled by North American Helium

Helium Evolution Provides Update on Seismic Acquisition and Second Farmout Well Drilled by North American Helium

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on finding, developing and commercializing assets in southern Saskatchewan, today provides an update on the second well (the " Second Test Well "), NAH Pinto Creek 01-01-06-10W3M, on farmout lands within Block 1 at Mankota in Saskatchewan.

The Second Test Well was drilled and fully funded by HEVI's farmout partner, North American Helium (" NAH "), pursuant to a previously announced farmout arrangement (see press releases dated October 21, 2022 , and June 28, 2022 ). After reaching total depth, NAH informed HEVI that the Second Test Well will be abandoned. NAH is expected to select its third licenced location on HEVI lands (the " Third Test Well ") by March 31, 2023 and spud the Third Test Well before June 30, 2023.

Concurrently, the Company is pleased to report that it has recently acquired over 500km of 2D seismic trade data over its exploration acreage to enhance the Company's technical work and selection of future drilling targets.

HEVI is well positioned to maintain financial flexibility given the Company benefits from five, to up to eight, wells that NAH will drill and fully fund, leaving HEVI with significant optionality to pursue other targets across the Company's 5.5 million acres of helium rights. The Company can also leverage NAH's extensive expertise, current data as well as future seismic data to help expand understanding of the play and further build out its existing technical work to support the selection of HEVI's future drilling targets.

About Helium Evolution Incorporated

HEVI is a Canadian-based helium exploration and production company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI's management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market, offering a compelling opportunity for investors.

For further information, please contact:

Greg Robb, President & CEO
Kristi Kunec, CFO
Phone: 1-587-330-2459
Email: info@heliumevolution.ca
Web: https://www.heliumevolution.ca/

Cindy Gray, Investor Relations info@5qir.com | 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 exploration plans, arrangements with NAH pursuant to the farmout agreement, expectations regarding helium pricing 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 choose to defer, accelerate or abandon its exploration plans; the drilling date of the Third Test Well; the Company and NAH may determine to amend the farmout agreement; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and 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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Helium Evolution Confirms Second Farmout Well Spud by North American Helium

Helium Evolution Confirms Second Farmout Well Spud by North American Helium

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium (" NAH "), has spud the second well (the " Second Test Well "), NAH Grasslands 01-01-06-10W3M, on farmout lands within Block 1 at Mankota in Saskatchewan, pursuant to a previously announced farmout arrangement (see press releases dated October 21, 2022 and June 28, 2022 ). The Second Test Well is situated 14 kilometres northwest of the NAH helium discovery at Mankota. Intermediate casing has been set on the Second Test Well and drilling will resume in Q1-2023 after the Christmas holiday season.

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Helium Evolution Announces Filing of Third Quarter 2022 Financial and Operating Results

Helium Evolution Announces Filing of Third Quarter 2022 Financial and Operating Results

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

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

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

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

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

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

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Helium Evolution Confirms First Farmout Well Spud by North American Helium

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

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

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

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

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

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