Global Helium Corp. Announces Operational Update and Shares Independent Resource Estimate From First Manyberries Well

CALGARY, Alberta, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Global Helium Corp. ("HECO" or the "Company") (CSE: HECO, OTC: HECOF) is pleased to provide an operational update highlighting recent drilling activity, along with confirming receipt of an Evaluation of Contingent Helium Resources related to the Company’s second half 2023 drilling on its core Manyberries asset situated in the Medicine Hat region in Southeast Alberta.

Operations Overview

Manyberries Update

During the second half of 2023, HECO drilled and completed two exploratory wells on the Manyberries helium trend, the first of which is located at 09-04-12-04W4 (“09-04”), with the second located at 10-08-012-04W4/00 (“10-08”). The 09-04 had an absolute open flow test (“AOF”) of 11.6 MMcf/d and a stabilized flow test of 2.8 MMcf/d from the Beaverhill Lake Formation, with 1.1% helium. The 10-08 well sustained reasonably high near-wellbore damage as a result of drilling fluid and cement entering the formation during drilling operations and, as such, it could not be tested from the same interval as the 09-04 well, despite showing net gas pay in the logs. However, HECO was able to test a thinner, stratigraphically lower porosity streak in the 10-08 well which confirms the presence of Helium. Test results from the 10-08 well showed a stabilized flow rate of 0.4 MMcf/d from the thinner Beaverhill Lake Zone at 0.65% helium. With the drilling and testing of both the 09-04 and 10-08 wells now complete, HECO has satisfied the terms of the Farm-in and Option agreements as announced January 17, 2023 and January 10, 2023. The Company now has a 75% lease interest in 22 sections of helium prospective land in the Manyberries area.

Jesse Griffith, CEO of Global Helium, commented, “The results and learnings from our first two exploration wells have exceeded our expectations. The geologic data and helium concentrations we've encountered support the viability of further development in this area and we are proceeding with the necessary steps for expanded operations along with the planning of future production facilities. We look forward to keeping our shareholders updated on HECO’s continued progress.”

Saskatchewan Update

With the success realized to date at HECO's Manyberries asset in Alberta, the Company has prudently undertaken a review of its acreage portfolio to ensure resources are allocated to the highest potential return projects. Due to increasing helium activity by peers in Saskatchewan, there is a meaningful amount of seismic and geological data available. After extensive review of this data, HECO will be prioritizing its Saskatchewan landholdings, with this process allowing management to focus on the high-graded Saskatchewan and proven Alberta land base, which offer greater prospectivity and value potential. As a result of this undertaking, HECO successfully streamlined its land holdings from approximately 1.8 million acres to approximately 660,000 acres. This enables the Company to eliminate $550,000 in permit leasehold obligations over the next two years, while still maintaining a majority of the land that HECO deems prospective for helium development.