Helium Evolution Provides Update on Recent Wells and Highlights Planned Q4/23 Drilling

CALGARY, Alberta, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today provides an update on the status of two recently drilled wells, along with upcoming planned drilling for the fourth quarter of 2023.

As announced on September 25, 2023, HEVI and farm-in partner, North American Helium Inc. (“NAH”) successfully drilled and cased the first joint well to encounter helium at 2-31-2-8W3 (“Joint Well #1”) on lands within Block 1 at Mankota in Saskatchewan. HEVI has a 20% working interest in Joint Well #1. NAH has indicated their intention to proceed with completion and production testing of Joint Well #1 in the coming weeks, after which HEVI will provide an update on the well’s performance.

As previously announced on September 19, 2023, NAH spud the farmout well at 11-13-13-29W3 (“Test Well #4”), on farmout lands within Block 3 at Fox in Saskatchewan. Test Well #4 was drilled and fully funded by NAH pursuant to a previously announced farmout arrangement (see news releases dated October 21, 2022, and June 28, 2022). After reaching total depth, NAH notified HEVI that the open hole portion of Test Well #4 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. Test Well #4 was the first well drilled to the geological basement NW of Maple Creek, Saskatchewan in approximately 70 years and represented a true wildcat exploration well.

In addition, pursuant to the seismic option agreement which was announced October 21, 2022, the Mankota location selected by NAH at 12-36-3-9W3 (“Test Well Area #1”) is scheduled to be spud by NAH on or before November 1, 2023, subject to surface conditions. Test Well Area #1 is located approximately five kilometers south of the NAH Mankota helium pool. NAH is responsible for 100% of the drilling costs for Test Well Area #1, while HEVI retains a 20% working interest in the well, supporting the Company’s continued financial flexibility and capital conservation.

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 Twitter 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.