American Noble Gas Provides Drilling Update on Initial Exploratory Well to Explore and Develop Natural Gas, Helium and Brine Minerals in the Hugoton Field

Initial Exploratory Well Reveals Encouraging Results for Natural Gas and Helium Reserves Inside the Hugoton Gas Field in Haskell and Finney Counties, Kansas.

Lenexa, KS, May 17, 2022 (GLOBE NEWSWIRE) -- American Noble Gas, Inc. (OTC-QB: IFNY) (“AMGAS” or the “Company”) is pleased to provide an update on its drilling operations regarding AMGAS’s participation in its previously announced farm-out agreement (the “Hugoton Farm-out Venture”) to develop its oil and gas and brine interests in the Hugoton Field in Haskell and Finney Counties Kansas. These exploratory drilling operations are designed to reveal important data on previously untapped gas in-place reserves of natural gas and helium gas. If successful, our exploration program may indicate the discovery of substantial new reserves within the Hugoton Gas Field which will reinvigorate the Hugoton Gas Field, the largest conventional onshore natural gas and helium field in North America.

The initial well in which AMGAS has acquired a 40% participation together with three other venture partners and was spud on May 7, 2022 has identified at least two potential zones with substantial potential gas and helium reserves. One of the zones of particular interest revealed a gas show across it. This particular zone was below previous completion attempts in a neighboring well and the completion logs of the zone revealed indications of permeability. The other zone that was previously completed in a neighboring well appeared to release gas while drilling indicating that gas reserve potential exists. 

The Company's first production well has been drilled, logged and production casing set and is currently awaiting completion activities. The well completion is estimated to begin in May and will be completed in 2 phases. The lower zone will be completed and produced. The upper zones will subsequently be completed and then co-mingled. Electricity and pipeline infrastructure are currently being prepared to connect the new well to produce the potential methane and helium gases and for disposal of produced water.

AMGAS and its Venture partners will complete the well as expeditiously as possible subject to potential adverse weather and the availability of raw materials and oil and gas service companies. The Company will apprise shareholders of its progress including the release of appropriate initial production rates and the natural gas and helium percentages.