Global Helium Corp. Announces Positive Indications Following Preliminary Testing of First Helium Well and Provides Corporate Update

CALGARY, Alberta, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Global Helium Corp. ("HECO" or the "Company") (CSE: HECO, OTC: HECOF) is pleased to announce a material helium discovery following completion and initial testing of the Company’s 09-04-12-04W4 (“09-04”) helium well drilled in the targeted Beaverhill Lake zone and situated on the farm-in land block of Perpetual Energy Inc. (TSX: PMT) (“Perpetual”) within the Manyberries helium trend in Southeastern Alberta.

Positive Well Performance & Helium Concentration

The 09-04 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. The gas composition of the 09-04 well contained 1.1% Helium, 94.4% Nitrogen and 3.4% Methane, with the balance comprised of fractional percentages of minor component gases. Since helium concentrations between 0.3% - 0.5% are deemed commercially viable, HECO’s 1.1% helium concentration in this well represents a meaningful step along the Company’s journey to scalable helium production.

Testing of the 09-04 well resulted in a maximum flow rate, or absolute open flow (“AOF”) capability of 10 million cubic feet per day (mmcf/day) of raw gas, demonstrating the reservoir’s solid pressure and ability to flow gas to the wellbore. Pressure gauges will remain in the wellbore for approximately two more weeks, enabling HECO to obtain more extensive pressure build up data for analysis and assessment of the volume of gas potentially recoverable from the well.

With completion and testing of the 09-04 well concluded, HECO has triggered the earn-in of an initial eight sections on the Perpetual farm-in block as per the terms of the agreement, announced January 17, 2023. The Company continues to advance preparations for drilling the second well, and has successfully contracted a drilling rig, with expectations the second well will spud in November. The second well will also trigger the option to lease agreement as previously announced on January 10, 2023.

“We are very excited by the results observed to date from our first helium well drilled at 09-04, as the reservoir pressure, flow rates and gas composition directly correlate with management’s expectations, while the high helium concentration represents the hallmark of a material discovery,” said Jesse Griffith, President & CEO of HECO. “In addition, our team successfully drilled, completed and tested this Manyberries well on time and on budget while keeping people and the environment safe. As a result, this event has triggered the first earn-in of an eight section land block from Perpetual, setting the stage to continue our mutually beneficial relationship with the second well on Perpetual’s land, which is expected to be drilled in November.”